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HARCOR ENERGY INC. CLOSES ACQUISITION OF SOUTH TEXAS NATURAL GAS PROPERTIES AND ANNOUNCES 47 PERCENT INCREASE IN U.S. RESERVES

HARCOR ENERGY INC. CLOSES ACQUISITION OF SOUTH TEXAS NATURAL GAS
 PROPERTIES AND ANNOUNCES 47 PERCENT INCREASE IN U.S. RESERVES
 LOS ANGELES, Oct. 27 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC) announced today the closing of a previously announced 25.25 percent interest in a partnership formed to purchase a group of natural gas properties in south Texas. HarCor's 25.25 percent share of the partnership's purchase of the reserves is $3.34 million. Effective date for the transaction is July 1, 1992.
 As was previously announced, HarCor also secured a four-month option to acquire an additional 25.25 percent of the partnership at an estimated cost of $3.76 million.
 Total proved reserves net to the 25.25 percent interest are estimated at 4.4 billion cubic feet of natural gas and 88,000 barrels of liquids. A firm three-year wellhead gas purchase contract at $1.80 per MCF was entered into as part of the acquisition.
 The closing of the first 25.25 percent of this purchase adds approximately 47 percent or $4.4 million of 10 percent present value to HarCor's total proved U.S. reserves. At year-end 1991, the 10 percent present value of HarCor's total proved U.S. reserves were estimated at $9.4 million.
 HarCor is a Los Angeles-based independent oil and gas concern with operations in the United States and Canada.
 -0- 10/27/92
 /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: TNM


JL-LS -- LA008 -- 5321 10/27/92 11:02 EST
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Publication:PR Newswire
Date:Oct 27, 1992
Words:267
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