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NORTH CANADIAN ANNOUNCES COMPLETION OF FLORIDA COGENERATION PLANTS

 CALGARY, Alberta, Aug. 27 /PRNewswire/ -- North Canadian Oils Ltd. (AMEX: NCD; Toronto, Montreal: NCO) is pleased to announce that its two Florida cogeneration plants have begun commercial operations. Conversion of the construction loans on both projects, to primarily non- recourse long term financing, has also been completed. NCO now has over 340 megawatts of electrical power in its cogeneration portfolio.
 The Pasco project is located in Dade City, Fla., and is a joint and equal partnership between NCO and Peoples Cogeneration Co., a subsidiary of Lykes Energy Inc. of Tampa, Fla. The Lake project, owned 100 percent by NCO, is located near Umatilla, Fla.
 Each facility has an initial generating capacity of 102 megawatts and the electricity is sold under identical 20 year power purchase agreements. The steam is sold to local fruit processors.
 A total of 43 million cubic feet per day of natural gas is being supplied to both projects under 15 year contracts with NCO's wholly owned subsidiary, North Canadian Marketing (NCM). Approximately 75 percent of the gas will be supplied to NCM by a major U.S. gas producer under a 15 year contract.
 Financing for the Pasco project consists of a U.S. $92.6 million loan with each partner contributing a further U.S. $5.5 million in equity. The conversion of the Pasco construction loan to a term loan was completed on July 23, 1993. The original U.S. $100 million financing for the development and construction of the Lake project, was replaced through a sale and leaseback arrangement completed on Aug. 20, 1993.
 North Canadian Oils Ltd. is a senior exploration, production, marketing and power cogeneration company. NCO's common shares trade on the Toronto and Montreal stock exchanges (NCO) in Canada and the American Stock Exchange (NCD) in the United States.
 -0- 8/27/93
 /CONTACT: Donald D. McKechnie, president, 403-261-3227, or; Gregory B. Lawyer, VP, Asset Management, 714-667-3800, both of North Canadian Power/
 (NCD)


CO: North Canadian Oils Ltd.; North Canadian Power Inc. ST: Alberta IN: OIL SU:

JB-LM -- LA026 -- 6778 08/27/93 17:14 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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