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GULF CANADA RESOURCES ANNOUNCES PROPOSED EQUITY ISSUE

 GULF CANADA RESOURCES ANNOUNCES PROPOSED EQUITY ISSUE
 CALGARY, Alberta, Nov. 5, /CNW/ - Gulf Canada Resources Ltd.


(AMEX: GOU) announced that its board of directors has approved the filing of a preliminary prospectus for the issue of units consisting of one ordinary share and one-half warrant for the purchase of an ordinary share. Details of the size of the offering, price and the terms of the warrants will be announced when settled.
 The issue will be offered in Canada and internationally only by means of a prospectus. Proceeds of the issue, estimated at approximately $175 million, will be used to reduce debt.
 -0- 11/5/92
 /CONTACT: Craig Langpap, manager-investor relations, 403-233-4341, or John Sparks, manager-public affairs, 403-233-4049, both of Gulf Canada Resources/
 (GOU) CO: Gulf Canada Resources Ltd. ST: Alberta IN: OIL SU:


JB-BP -- LA036 -- 8003 11/05/92 18:31 EST
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Publication:PR Newswire
Date:Nov 5, 1992
Words:142
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