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GULF CANADA RESOURCES LTD. ANNOUNCES AGREEMENT AMONG SHAREHOLDERS

 CALGARY, Alberta, March 30 /PRNewswire/ -- Gulf Canada Resources Ltd. (Toronto, Montreal, Vancouver: GOU.) announced today that it has reached agreement in principle with Olympia & York Developments Ltd. (OYDL) governing the parties' 59.2 percent combined shareholding in Home Oil Co. Ltd. the parties will have upon completion of a proposed privatization of GW Utilities Ltd. (GW).
 The agreement provides for mutual cooperation in maximizing the value to be realized on a sale of the control block. OYDL now holds a 36.4 percent interest in Home, subject to security interests granted to certain of OYDL's creditors who are bound by the terms of the agreement. Under the terms of the agreement, Gulf, which has a 22.8 percent interest in Home, will lead the sales effort and The First Boston Corp. will continue as sales agent. Gulf will actively pursue a sale of the control block to prospective third parties. Gulf said it is encouraged by recent increased interest in Canadian oil and gas assets by potential purchasers.
 -0- 3/30/93
 /CONTACT: Gary Sherkey, manager of investor relations, 403-233-4341, or John Sparks, manager of public affairs, 403-233-4049, both of Gulf Canada/
 (GOU.)


CO: Gulf Canada Resources Ltd.; Olympia & York Developments Ltd. ST: Alberta IN: OIL SU:

MS-JL -- LA032 -- 1267 03/30/93 18:11 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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