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NORCEN ACQUIRES CONTROL BLOCK OF NORTH CANADIAN OILS

 CALGARY, Alberta, April 1 /PRNewswire/ -- Norcen Energy Resources Ltd. (AMEX: NCN, Toronto, Montreal: NCN) announced that, at a special meeting of shareholders held in Calgary today, it received shareholder approval for the acquisition of the common shares of North Canadian Oils Ltd. owned by Noranda Inc., Norcen's principal shareholder, and Daal Energy Holdings Inc., an associate of Noranda. Following receipt of shareholder approval, Norcen completed the transaction with the issue of a total 12,367,978 Subordinate Voting Ordinary Shares to Noranda and Daal in exchange for their combined holding of 18,459,669 common shares of North Canadian, an exchange rate of 0.67 of a Norcen Subordinate Voting Ordinary Share for each North Canadian common share purchased. As a result of the acquisition, Norcen now owns 50.4 percent of the outstanding common shares of North Canadian.
 Norcen had made a proposal to North Canadian for the combination of the two companies whereby the 0.67 share exchange ratio applied in the acquisition of the control block would have been made available to the minority shareholders of North Canadian. Earlier this week, North Canadian's board rejected this proposal. At a meeting of directors immediately following today's shareholders' meeting, Norcen's board determined that they could find no additional value in North Canadian to justify an increase in the share exchange ratio. As a result, under current market conditions, Norcen will not be proceeding with any further offer.
 -0- 4/1/93
 /CONTACT: Ron Burrows, manager, Investor Relations of Norcen, 403-231-0107, or fax 403-231-0011/
 (NCN)


CO: Norcen Energy Resources Ltd.; North Canadian Oils; Noranda ST: Alberta IN: OIL SU: TNM

MS -- LA027 -- 2197 04/01/93 16:12 EST
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Publication:PR Newswire
Date:Apr 1, 1993
Words:279
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