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AMOCO CANADA PETROLEUM CO. LTD. ANNOUNCES LETTER OF INTENT

 CALGARY, Alberta, June 9 /PRNewswire/ -- Amoco Canada Petroleum Co. Ltd. today announced that it had signed a letter of intent with purchasers to sell a number of oil and gas properties in Canada. The letter follows a bid process to sell approximately 14 percent of the original combined Amoco/Dome properties which represent about 8 percent of Amoco Canada's total current production.
 "Amoco Canada has been undergoing a significant restructuring following the acquisition of Dome Petroleum in 1988," explains T. Don Stacy, chairman and president. "A major part of the process has been to rationalize our property portfolio. One move was to amalgamate certain properties which were widespread throughout B.C., Alberta and Saskatchewan into the Horizon Property Group. The proposed package represents the majority of Horizon's portfolio. We are very pleased to have reached this stage in the negotiation process."
 The letter of intent is non-binding on the parties and will not become binding until the parties have agreed. Terms of the proposal will now be presented to the boards of directors of the participating companies. Terms are not disclosed.
 -0- 6/9/93
 /CONTACT: Margaret McLachlan, manager, public affairs of Amoco, 403-233-1414; or Vince Rodych, resource manager of Horizon Property Grp, 403-234-4540/
 (AN.)


CO: Amoco Canada Petroleum Co. Ltd. ST: Alberta IN: OIL SU:

EH -- LA013 -- 0067 06/09/93 10:08 EST
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Publication:PR Newswire
Date:Jun 9, 1993
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