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TOTAL PETROLEUM (NORTH AMERICA) LTD. $2.88 CUMULATIVE REDEEMBABLE CONVERTIBLE PREFERRED SHARES DIVIDEND AND REDEMPTION ANNOUNCEMENT

 DENVER, Nov. 12 /PRNewswire/ -- The board of directors of Total Petroleum (North America) Ltd. (AMEX: TPN) ("Total Petroleum"), today declared a dividend of $0.72 (Canadian) on the $2.88 Cumulative Redeemable Convertible Preferred Shares (the "preferred shares"). The dividend on the preferred shares will be payable on Dec. 20, 1993, for shareholders of record Dec. 3, 1993.
 At the same meeting, the board of directors passed a resolution to call for redemption on Dec. 20, 1993, all 313,438 of the outstanding preferred shares at the $50 (Canadian) redemption price.
 This special meeting of the board of directors was convened solely for the consideration of matters concerning the preferred shares due to the timing of the preferred share record date. The next regular board of directors meeting is to be held on Dec. 14, 1993.
 Commenting on the redemption, Daniel Valot, chairman and chief executive officer, stated: "The redemption of the preferred shares reflects our confidence in the recovery of the results of Total Petroleum. We believe that we have completed most of the expenditures required by the Clean Air Act and yet still have a very strong balance sheet, thanks to our earnings improvement. This position allows us to replace the preferred shares with a much more efficient and less costly means of financing through the existing credit facilities with our banks."
 The R-M Trust Co. is transfer agent and registrar for the preferred shares. Formal notice of redemption is being sent by The R-M Trust Co. to the holders of the Preferred Shares. The $50 (Canadian) redemption price will be paid upon surrender of the designated certificates to the R-M Trust Co., Attention Ms. Rhonda Macleod, 600 The Dome Tower, 333 - 7th Ave. S.W., Calgary, Alberta T2P 2Z1, Canada.
 The preferred shares are convertible into Total Petroleum common shares at the rate of 2.0 common shares for each preferred share. The preferred shares can be converted to common shares through Dec. 15, 1993.
 Total Petroleum is a refiner and marketer of petroleum products in the central United States. Its shares are listed on the American, Toronto, Montreal and Pacific stock exchanges. Approximately 54 percent of its common shares are owned by TOTAL S.A., a leading international oil and gas company, headquartered in France with shares listed on the Paris, London and New York stock exchanges.
 -0- 11/12/93
 /CONTACT: Steve Nicholson of Total Petroleum (North America) Ltd., 303-291-2271/
 (TPN)


CO: Total Petroleum Inc. ST: Colorado IN: OIL SU: DIV

EH-JB -- LA013 -- 3659 11/12/93 11:48 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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