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HARCOR ENERGY INC. ANNOUNCES COMPLETION OF THIRD ROUND EQUITY PLACEMENT WITH TRUST COMPANY OF THE WEST

 LOS ANGELES, Nov. 24 ~PRNewswire~ -- HarCor Energy Inc. (NASDAQ: HARC) announced today that it had completed a third round of equity financing with Trust Company of the West as investment advisor to certain pension funds (in such capacity, "TCW"). Under the terms of the agreement, TCW paid HarCor $700,000, assigned to HarCor all of its interest in HTAC Partners, surrendered to HarCor its warrant to purchase a potential maximum of 1,666,666 shares of HarCor common stock, and assigned to HarCor one-third of its warrant to purchase 1.2 million common shares of consolidated HCO Energy Ltd. ("HCO"), a Calgary, Alberta-based oil and gas concern in which HarCor currently owns 649,000 shares or 14.5 percent of HCO's outstanding common shares. In exchange, HarCor issued to TCW 1,474,359 shares of HarCor common stock and a warrant to purchase 200,257 shares of HarCor common stock, exercisable for a period of three years at a price of $5 per share. HarCor also granted to TCW certain registration rights relating to the shares of common stock of HarCor issued to TCW, including the shares of common stock of HarCor issuable upon exercise of TCW's warrant. HarCor now holds a total of 2,580,000 common shares of HCO, representing 58 percent of the outstanding common shares of HCO.
 HarCor, as the sole remaining partner, plans to promptly dissolve HTAC Partners and distribute its assets to HarCor.
 Commenting on the investment, Mark Harrington, chairman and chief executive officer of HarCor, stated, "We are pleased with the continued support and involvement of Trust Company of the West, and HarCor welcomes them as a stockholders of HarCor."
 HarCor is a Los Angeles-based independent oil and gas company with operations in the United States and Canada.
 -0- 11~24~92
 ~CONTACT: Mark G. Harrington, chairman and CEO, or Francis H. Roth, president, of HarCor, 310-575-9599~
 (HARC)


CO: HarCor Energy Inc.; Trust Company of the West ST: California IN: OIL SU:

LS-EH -- LA028 -- 1185 11~24~92 15:33 EST
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Publication:PR Newswire
Date:Nov 24, 1992
Words:338
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