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NORCEN CONFIRMS STRONG FIRST QUARTER PERFORMANCE

 CALGARY, Alberta, April 29 /PRNewswire/ -- Norcen Energy Resources Ltd. (AMEX: NCN; Toronto, Montreal: NCN) today followed up on previously announced first quarter estimates with the release of actual financial and operating results for the first three months of 1993.
 A substantial increase in natural gas production, higher prices for both gas and oil, a much improved performance from propane marketing operations, with some offset from a decline in income from mineral resources, combined to generate significant gains in both earnings and cash flow, compared to the first quarter a year ago.
 Net earnings for the quarter, at $24.1 million, were up 33 percent from $18.1 million. Cash generated from operations, at $90.7 million, was up 18 percent from $76.9 million. On a fully diluted per share basis, earnings were 31 cents per ordinary share, up from 23 cents and cash generated was $1.09 per ordinary share, up from 89 cents.
 Sales and other revenues amounted to $314.6 million, up from $258.2 million in the first three months of 1992.
 Natural gas production in the quarter climbed to a record 342.4 million cubic feet per day, up from 285.1 million cubic feet per day in the same period a year ago. The improvement reflected increased demand for gas in North America as the result of harsh winter conditions, plus the full effects of the acquisition of a producing gas property in Argentina early in 1992.
 Production of crude oil and gas liquids averaged 56,700 barrels per day, compared to 56,200 barrels per day a year earlier, as new production from Russia and Argentina more than offset a decline of 2,900 barrels per day in Australian production. The reduced volumes from Australia resulted primarily from the shutting in of the main producing wells in the Jabiru field during the latter part of February and for all of March to allow repair work to be carried out on the production control system. The work was completed and the field was back on full production by mid-April.
 Norcen's average natural gas selling price climbed 21 percent to $1.76 per thousand cubic feet because of the tighter North American gas market. The average price realized by the company for its oil and gas liquids production was up 7 percent to $18.13 per barrel.
 In propane marketing, propane sales volumes rose 14 percent to 537.9 million liters from 470.6 million liters a year earlier. The increased sales resulted in a 24 percent improvement in the division's operating income to $26.4 million, the second-highest quarterly operating income from propane marketing in the company's history.
 Norcen's drilling activity in the quarter included participation in 91 gross (43.1 net) working interest wells, resulting in 68 gross (33.8 net) oil wells and 5 gross (1.4 net) gas wells in Canada, and 1 gross (0.03 net) gas well in the United States.
 NORCEN ENERGY RESOURCES LTD.
 Highlights
 Three Months Ended
 March 31,
 Financial 1993 1992
 (millions of dollars,
 except per share amounts)
 Sales and other revenues $314.6 $258.2
 Operating income
 Oil and gas $31.1 $22.2
 Propane marketing $26.4 $21.3
 Mineral resources $2.9 $7.5
 Investment and other income $3.7 $3.0
 Total $64.1 $54.0
 Net earnings $24.1 $18.1
 Earnings applicable
 to ordinary shares $22.9 $15.4
 Per ordinary share
 Basic $0.33 $0.25
 Fully diluted $0.31 $0.23
 Cash generated from operations $90.7 $76.9
 Per ordinary share
 Basic $1.28 $1.22
 Fully diluted $1.09 $0.89
 Operating
 Production of oil and gas liquids
 (thousands of barrels per day)
 Canada 44.1 45.3
 Australia 4.9 7.8
 United States 3.8 3.1
 Russia 2.4 ---
 Argentina 1.5 ---
 Total 56.7 56.2
 Production of natural gas
 (millions of cubic feet per day)
 Canada 273.9 249.9
 United States 54.8 29.1
 Argentina 13.7 6.1
 Total 342.4 285.1
 Average prices received
 Oil and gas liquids
 (per barrel) $18.13 $16.87
 Natural gas
 (per thousand cubic feet) $1.76 $1.45
 Sales of Propane
 (millions of liters)
 Canada 372.5 336.3
 United States 165.4 134.3
 Total 537.9 470.6
 -0- 4/29/93
 /CONTACT: Ron Burrows, manager of investor relations of Norcen Energy Resources Ltd., 403-231-0107/
 (NCN)


CO: Norcen Energy Resources Ltd. ST: Alberta IN: OIL SU: ERN

JL-MS -- LA047 -- 2944 04/29/93 18:00 EDT
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Date:Apr 29, 1993
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