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NORCEN REPORTS 23 PERCENT CASH FLOW GAIN

 NORCEN REPORTS 23 PERCENT CASH FLOW GAIN
 CALGARY, Alberta, Nov. 2 /PRNewswire/ -- Norcen Energy Resources


Ltd. (AMEX: NCN, Toronto, Montreal: NCN) announced today that for the third quarter of 1992 cash generated from operations amounted to $68.5 million, up 23 percent from $55.8 million in the third quarter a year ago. Earnings applicable to ordinary shares at $2.8 million were up from $0.1 million. On a fully-diluted per share basis, cash generated was $0.79 compared to $0.65 and earnings were $0.04, up from nil per ordinary share.
 Major factors contributing to the improvements were oil and gas production gains, higher prices for both oil and gas and reduced operating costs.
 Norcen's production of crude oil and gas liquids in the quarter averaged 56,000 barrels per day, up 7 percent from 52,500 barrels per day a year earlier. The volume gain was mainly attributable to increased production of light and medium crudes in Western Canada.
 The company's production of natural gas climbed 30 percent to 269.0 million cubic feet per day, from 206.5 million cubic feet per day in the same quarter a year ago, reflecting the increased volumes being taken by major marketing agencies in response to the rising U.S. demand for Canadian gas.
 Partly offsetting the strong performance of the Oil and Gas Division was further disappointing results from the Propane Marketing Division, which continues to be seriously affected by the weak economies in Canada and the United States. While propane sales in Canada were up slightly to 240.9 million liters from 233.4 million liters in the third quarter of 1991, increased competitiveness in the marketplace reduced profitability. In the United States, the company's propane sales declined to 60.7 million liters from 71.4 million liters a year ago, partly due to reduced demand for crop drying because of late maturing crops.
 For the first nine months of 1992, cash generated from operations totaled $216.2 million, up from $211.6 million in the comparable period of 1991. Earnings applicable to ordinary shares were $20.1 million, down from $27.5 million. On a fully diluted basis, earnings were $0.31 compared to $0.45 per ordinary share.
 Capital expenditures for the nine months, excluding acquisitions, totalled $160.5 million compared to $179.4 million in the same period a year ago. Outlays on acquisitions, net of dispositions, amounted to $53.8 million, compared to $30.0 million in the first nine months of 1991.
 NORCEN ENERGY RESOURCES LTD.
 Highlights
 (Millions of dollars, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Financial
 Sales and other revenues $227.6 $208.6 $707.8 $718.7
 Operating income
 Oil and gas $34.6 $18.5 $90.7 $77.9
 Propane marketing ($5.9) ($2.1) $9.7 $21.5
 Mineral resources $5.7 $6.6 $18.9 $22.1
 Investment and
 other revenues $2.9 $4.1 $8.9 $12.7
 Net Earnings $4.0 $3.7 $25.4 $38.8
 Earnings applicable to
 Ordinary shares $2.8 $0.1 $20.1 $27.5
 -- Per ordinary share
 Basic $0.04 $0.0 $0.31 $0.46
 Fully-diluted $0.04 $0.0 $0.31 $0.45
 Cash generated from
 Operations $68.5 $55.8 $216.2 $211.6
 -- Per ordinary share
 Basic $0.97 $0.87 $3.29 $3.35
 Fully-diluted $0.79 $0.65 $2.49 $2.44
 Operating
 Production of oil and
 gas liquids
 (thousands of barrels
 per day) 56.0 52.5 56.2 53.8
 Production of natural gas
 (millions of cubic feet
 per day) 269.0 206.5 274.7 239.5
 Average prices received
 Oil and gas liquids
 (per barrel) $20.53 $19.68 $19.03 $18.82
 Natural gas (per thousand
 cubic feet) $1.52 $1.42 $1.47 $1.59
 Sales of propane
 (millions of liters) 301.6 304.8 1,056.7 1,101.2
 -0- 11/2/92
 /CONTACT: Ron Burrows, manager-investor relations of Norcen Energy Resources Ltd., 403-231-0107/
 (NCN) CO: Norcen Energy Resources Ltd. ST: Alberta IN: OIL SU: ERN


BP -- LA027 -- 1828 11/02/92 17:53 EST
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Date:Nov 2, 1992
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