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NORTH CANADIAN RECEIVES HIGH DBRS RATING

 NORTH CANADIAN RECEIVES HIGH DBRS RATING
 CALGARY, Nov. 6 /PRNewswire/ -- North Canadian Oils Ltd.


(AMEX: NCD, Toronto, Montreal: NCO) announced that Dominion Bond Rating Service has assigned an "A" rating to NCO's long-term unsecured debt and an R-1 (low) rating to NCO's commercial paper. A Pfd-2 and Pfd-2 (low) rating have been assigned to the class A and class B preferred shares of the company respectively.
 DBRS, in arriving at its decision, noted that:
 -- NCO had a strong balance sheet and it is expected to remain so;
 -- The company's cash flow was reasonably strong and consistent; and
 -- Marketing of third party gas is making a rising contribution to earnings, and congeneration projects coming on stream this year and over the next few years are expected to have a positive impact on earnings and cash flow. In addition, NCO's 25 percent royalty interest in the Polaris lead/zinc mine is expected to generate a much higher contribution to earnings and cash flow now that payout has occurred.
 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 in Canada and the American Stock Exchange in the United States.
 -0- 11/6/92
 /CONTACT: G. Barry Padley, senior VP and CFO, 403-261-4320, or Naser Khan, treasurer, 403-261-3271, both of North Canadian Oils/
 (NCD) CO: North Canadian Oils Ltd. ST: Alberta IN: OIL SU: RTG


KJ -- LA018 -- 8232 11/06/92 14:12 EST
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Publication:PR Newswire
Date:Nov 6, 1992
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