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NORTH CANADIAN CLOSES FINANCING FOR LAKE COGENERATION PROJECT

 NORTH CANADIAN CLOSES FINANCING FOR LAKE COGENERATION PROJECT
 CALGARY, Aug. 19 /PRNewswire/ -- North Canadian Oils Limited (AMEX: NCD) has closed a U.S. $100 million construction loan for its 106-megawatt natural gas fired cogeneration project in Lake County, Florida.
 The project loan was made by General Electric Capital Corporation (GECC). Upon completion of construction, the project will be sold to and leased back from GECC under a long-term agreement.
 The project is expected to be operational in mid-1993 and will sell all of its electrical power output to Florida Power Corporation under a 20-year Power Purchase Agreement. It will also supply process steam under a long term contract to Golden Gem Growers, a major citrus processing cooperative in central Florida. North Canadian Marketing will provide approximately 21 million cubic feet of natural gas per day as fuel.
 The Lake Cogen Project is the fourth cogeneration plant developed and financed by North Canadian in the past two and one half years. These four projects, which include two operational plants and two under construction, comprise a total of over 320 megawatts of electrical power.
 North Canadian Oils Limited is a senior oil and natural gas exploration, production, marketing and power cogeneration company. Its subsidiary, North Canadian Power, is a leading developer and owner of cogeneration projects in North America with offices in Calgary, Alberta; Regina, Saskatchewan; Toronto, Ontario; Orange, California; and Houston, Texas.
 -0- 8/19/92
 /CONTACT: Jay R. Roland, president, or Kenneth M. Ross, vice president of North Canadian Power, 714-667-3800; or Norman R. Gish, president and chief executive officer of North Canadian Oils Limited, 403-261-3210/
 (NCD) CO: North Canadian Oils Limited ST: Alberta IN: OIL SU: FNC


SH -- NY003 -- 1203 08/19/92 08:22 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
Words:287
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