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NORCEN COMPLETES U.S. ACQUISITION

 CALGARY, Alberta, Jan. 4 /PRNewswire/ -- Norcen Energy Resources Ltd. announced today that its wholly owned subsidiary, Norcen Explorer Inc., has completed the acquisition of certain Gulf of Mexico producing oil and gas properties and other related assets from affiliates of Torch Energy Advisors Inc. The acquisition of six offshore oil and gas fields will significantly enhance Norcen's strategic position in the Gulf of Mexico. Remaining proved and probable reserves in these fields are estimated to exceed 700 billion cubic feet of gas equivalent. Norcen's shares as of July 1, 1993, the effective date of the acquisition, amounts to approximately 6.4 million barrels of oil and 91 billion cubic feet of gas. Norcen's share of 1994 production is estimated at 1,700 barrels of oil per day and 29 million cubic feet of gas per day and 29 million cubic feet of gas per day.
 The properties acquired comprise interests in 11 blocks covering 55,000 acres in water depths from 35 to 225 feet, all located within 60 miles of Norcen's principal offshore production complex on Eugene Island Blocks 142/162. In addition, the acquisition includes interests in two plants and associated pipeline systems.
 The purchase consideration paid at closing comprises a cash payment of US $60.7 million plus the assumption of US $45.1 million of debt.
 With the acquisition, Norcen will be operating 28 platforms and over 130 producing wells with gross production exceeding 200 million cubic feet of gas per day and 10,000 barrels of oil per day in the Gulf of Mexico.
 -0- 1/4/94
 /CONTACT: Ron Burrows, Manager, Investor Relations, 403-231-0107/
 (NCN.)


CO: Norcen Energy Resources Ltd.; Torch Energy Advisors Inc. ST: Alberta IN: OIL SU: TNM

MF -- LA023 -- 8941 01/04/94 13:15 EST
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Publication:PR Newswire
Date:Jan 4, 1994
Words:295
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