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GULF UNAFFECTED BY O&Y ACTION

 GULF UNAFFECTED BY O&Y ACTION
 CALGARY, Alberta, May 15 /PRNewswire/ -- Gulf Canada Resources


Limited (AMEX: GOU, Toronto, Montreal, Calgary: GOU) today affirmed that last night's order relating to Olympia & York under the Companies Creditors Arrangement Act would have no affect on the business, affairs and financial position of Gulf.
 This action will not affect Gulf's day-to-day operations, and the company intends to pursue and expand upon the successes it has achieved to date. Gulf's relationship with its employees, partners, bankers, customers and suppliers is unchanged.
 Gulf Canada Resources is a publicly owned company with approximately 75 per cent of its shares held by O&Y.
 -0- 5/15/92
 /CONTACT: Craig Langpap, 403-233-4341, or John Sparks, 403-233-4049, both of Gulf Canada Resources Limited/
 (GOU.) CO: Gulf Canada Resources Limited ST: Alberta IN: OIL SU:


CH -- LA030 -- 0821 05/15/92 14:31 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:May 15, 1992
Words:144
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