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HARCOR ENERGY INC. ANNOUNCES CLOSING OF SALE OF EQUITY POSITION IN CANADIAN AFFILIATE

 LOS ANGELES, Feb. 1 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC), announced today that it has completed the sale of all of its direct shareholdings in Consolidated HCO Energy Ltd. (HCO), a Calgary, Alberta-based oil and gas concern. HarCor's sale of approximately 2,547,000 HCO shares was made for a total consideration of approximately $1.35 million ($US). The sale was arranged by Goepel Shields & Partners Inc. and transacted on the Toronto Stock Exchange. HarCor announced that no material gain or loss would result from the sale of the HCO shares.
 Commenting on the transaction, Mark G. Harrington, HarCor's chairman and chief executive officer stated, "The sale of the HCO stock is a part of our previously stated objective to focus on property acquisitions in the United States with a strategic shift to gas reserves. The funds resulting from this transaction will be deployed in our ongoing acquisitions program to increase United States gas reserves."
 HarCor is a Los Angeles-based independent oil and gas company with operations in the United States and Canada.
 -0- 2/1/93
 /CONTACT: Mark G. Harrington, chairman and CEO, or Francis H. Roth, president, of HarCor Energy, 310-575-9599/
 (HARC)


CO: HarCor Energy Inc.; Consolidated HCO Enegrgy Ltd. ST: California IN: OIL SU: TNM

MS-KJ -- LA026 -- 1453 02/01/93 14:20 EST
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Publication:PR Newswire
Date:Feb 1, 1993
Words:217
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