ENCOR PLANS 125 MLN DLR DEBENTURE OFFERING
<Encor Energy Corp Inc> said
it planned an issue in Canada of 125 mln dlrs of 6.75 pct
subordinated debentures, convertible any time into Encor common
shares for a price of 10 dlrs a share.
    Encor, 48 pct-owned by Dome Petroleum Ltd <DMP>, said
investment dealers McLeod Young Weir Ltd and Pemberton Houston
Willoughby Bell Gouinlock Inc agreed to purchase the issue for
resale to the public.
    It said the debentures would pay interest semi-annually and
be callable after five years at par plus accrued interest.
    Encor earlier reported a 1986 net loss of 406.6 mln dlrs.
    Encor last year earned 35.4 mln dlrs. The 1986 net loss
included a 545.7 mln dlr asset writedown before a 139.2 mln dlr
recovery of deferred taxes.
    The company said 1986 results were seriously affected by
lower oil and gas prices, but did not reflect its recent
acquisition of <Aberford Resources Ltd>.
    It said that while oil prices had improved in early 1987,
it would remain cautious and base capital spending on
conservative price assumptions.
    Encor will use proceeds from the debenture offer to retire
bank debt incurred in the Aberford deal, it said.
 Reuter
