Conoco Canada Resources Announces Redemption of Preferred Shares and Medium Term Notes.

Business/Energy Editors

CALGARY, Alberta--(BUSINESS WIRE)--Feb. 14, 2002

Conoco Canada Resources Limited (the "Corporation") (NYSE:CNK.PR.A)(TSE:CNK.PR.A), a subsidiary of Conoco Inc. (NYSE:COC), today announced that its board of directors has approved the redemption of its Fixed/Adjustable Rate Senior Preference Shares Series 1 (the "Series 1 Preference Shares"), its Cumulative Redeemable Auction Perpetual Senior Preference Shares, Series 2 (the "Series 2 Preference Shares") and its 6.45 percent Cdn$100 million Notes due 2007.

The Corporation has 85,504,557 Series 1 Preference Shares outstanding, which are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange. The redemption date for the Series 1 Preference Shares will be April 22, 2002. The redemption price for the Series 1 Preference Shares will be Cdn$5.00 per preference share, plus accrued and unpaid dividends from the period from and including April 1, 2002 to but excluding April 22, 2002, calculated in accordance with the share provisions of such Series 1 Preference Shares. Dividends will be paid on the Series 1 Preference Shares in accordance with the share provisions on March 12, 2002, to shareholders of record at the close of business on February 28, 2002, and on April 12, 2002, to shareholders of record at the close of business on March 28, 2002. Upon redemption, the Series 1 Preference Shares will be delisted from the Toronto Stock Exchange and the New York Stock Exchange.

The Corporation has 300 Series 2 Preference Shares outstanding, which are not publicly traded. The Series 2 Preference Shares will be redeemed on April 10, 2002, in accordance with the provisions of such shares.

The 6.45 percent Cdn$100 million Notes due 2007 will be redeemed April 22, 2002, in accordance with the terms of the Notes at a redemption price of 106.491 (including accrued interest), based on call provisions of the note. The semi-annual interest payment due on April 1, 2002 will be paid in accordance with the terms of the Notes.

Conoco Canada Resources Limited is a Canadian based exploration and production company with primary operations in Western Canada, Indonesia, the Netherlands and Ecuador. Conoco Inc. is a major, integrated energy company active in more than 40 countries.