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HARCOR ENERGY INC. CLOSES $3.0 MILLION OF INSTITUTIONAL OIL AND GAS ROYALTY INTERESTS

 LOS ANGELES, May 3 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC), announced today the closing of an exchange offer with six institutional investors. In the transaction, HarCor issued 30,000 shares of HarCor 8 Percent Series B Convertible Preferred shares priced at $100 per share. At the option of the holder, the preferred is convertible into HarCor common stock at $3.90 per share and is automatically converted at Dec. 31, 1998.
 The oil and gas interests HarCor acquired are gross overriding royalty interests and net profits interests estimated to have total net proved reserves of 123,000 barrels of oil and 2.7 billion cubic feet of natural gas.
 Effective date for the transaction is Jan. 1, 1993. Closing of the offer increases HarCor's shareholder equity to approximately $7.6 million representing an increase of 65 percent over year-end 1992.
 Commenting on the closing of the transaction, Mark G. Harrington, HarCor's chairman and chief executive officer, stated, "The closing of this transaction represents a further important step forward in building HarCor's 1993 cash flow and shareholder equity."
 HarCor is a Los Angeles-based independent energy company pursuing risk managed oil and gas acquisitions for future exploitation.
 -0- 5/3/93
 /CONTACT: Mark G. Harrington, chairman and CEO, or Francis H. Roth, president of HarCor Energy, 310-575-9599/
 (HARC)


CO: HarCor Energy Inc. ST: California IN: OIL SU:

JB-EH -- LA017 -- 3798 05/03/93 12:27 EDT
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Publication:PR Newswire
Date:May 3, 1993
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