	dome pete dmp said to be pressed to sell encor dome petroleum ltd is under pressure from one of its largest creditors canadian imperial bank of commerce to sell its pct stake in encor energy corp ltd energy industry analysts said dome has pledged its mln encor shares as security for part of its debt to commerce bank estimated last year at mln canadian dlrs and the bank wants dome to sell the stock to pay down debt analysts said the commerce has been slowly but surely moving encor in the direction that might make it a saleable asset said one analyst who asked not to be named dome earlier said it was not considering selling encor energy but reaffirmed the company s pct interest in canadian gold producer dome mines ltd dm is up for sale at the right price dome now negotiating a plan to restructure more than billion dlrs in debt sees encor as a strategic investment that it does not intend to sell spokesman david annesley said the encor shares do not pay dividends a commerce bank spokesman also declined comment when asked whether it is pressing dome to sell its encor stake at current market prices dome s stake in encor would be valued at about mln dlrs while its mln dome mines shares would be worth about mln dlrs recent strength in the price of encor shares may also prompt commerce bank to press dome to divest its holding in the canadian oil and gas producer analysts said encor s stock price has improved quite substantially in recent weeks with a runup in crude prices peters and co ltd oil analyst wilf gobert commented the possibility is that commerce bank would like to see it sold at these levels because they can get more for it now than they have been able to in recent years he added encor traded earlier on the toronto stock exchange at near its week high of and up from around six dlrs in early february the company also recently set up its own operating management which was previously carried out by dome petroleum maison placements canada inc analyst denis mote commented dome and encor are actually going to get farther apart so the sale does make a lot of sense mote said however analysts said dome will resist any moves to divest encor in favor of retaining the operating assets since sale proceeds would likely go directly to pay down dome s debt to commerce bank i think they ll probably try to hang onto encor as long as they can said bache securities inc analyst doug weber some of dome s group of major creditors might move to block such a sale arguing they have a claim on company assets other creditors generally all want to make sure that something they might be able to get a piece of is not being sold out from under them said analyst gobert another stumbling block would be encor s mln dlr joint liability in loans to dome petroleum advanced by arctic petroleum corp of japan for beaufort sea exploration analysts said a similar hurdle could also hinder the possible sale of dome petroleum s interest in dome mines dome mines has guaranteed mln dlrs of dome petroleum s debt and has a right of consent to the sale of dome petroleum s holding presumably a potential buyer of the dome mines shares would seek some type of relief on the company s debt obligations connected with dome petroleum gobert said dome spokesman annesley earlier declined to specify at what price the company would consider selling its dome mines shares but said current prices of more than dlrs a share are very attractive reuter 
