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NORTH CANADIAN ANNOUNCES COMMERCIAL PAPER PROGRAM

 NORTH CANADIAN ANNOUNCES COMMERCIAL PAPER PROGRAM
 CALGARY, Alberta, Jan. 23 /PRNewswire/ -- North Canadian Oils Ltd.


(AMEX: NCD, Toronto, Montreal: NCO) is pleased to announce that it will launch a Commercial Paper program during the week of Jan. 27, 1992. The company has received an Investment Grade Short Term Rating of R-1 (low) from Dominion Bond Rating Service. Proceeds from the sale of commercial paper will be used to repay current bank indebtedness and to gain a more favorable cost of funds over existing bank terms. The dealer group acting as sales agents will be comprised of RBC Dominion Securities, Toronto Dominion Bank and Wood Gundy Inc.
 North Canadian Oils Ltd. is a senior oil and gas exploration, production, marketing and power cogeneration company. NCO's common shares trade on the Toronto and Montreal stock exchanges in Canada and The American Stock Exchange in the United States.
 -0- 1/23/92
 /CONTACT: G. Barry Padley, senior VP, CFO and corporate secretary, 403-261-4320; or Naser A. Khan, treasurer, 403-261-3271, both of North Canadian Oils Ltd./
 (NCD) CO: North Canadian Oils Ltd. ST: Alberta IN: OIL SU:


EH-JL -- LA036 -- 2987 01/23/92 16:21 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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