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NORCEN ENERGY RESOURCES LTD. ANNOUNCES ESTIMATED RESULTS

 NORCEN ENERGY RESOURCES LTD. ANNOUNCES ESTIMATED RESULTS
 CALGARY, Alberta, April 21 /PRNewswire/ -- At its annual meeting of


shareholders held today, Norcen Energy Resources Ltd. (AMEX: NCN, Toronto, Montreal: NCN) announced estimated results for the first quarter of 1992.
 Barry D. Cochrane, president and chief executive officer, reported that net earnings will be approximately $17.0 million, compared to $37.0 million in the same period of 1991. Cash flow is estimated at $77.2 million, down from $101.6 million. The decline in financial performance reflected lower oil and gas prices and the continuing effects of the recession on propane marketing operations.
 Production of oil and gas liquids averaged 57,000 barrels per day more than the first three months of the year, up from 56,700 barrels per day a year ago, as gains in conventional crude oil and natural gas liquids in Canada and the United States offset a 1,200 barrels per day decline in Canadian heavy oil production and a 2,400 barrels per day decline in production from Australia.
 Natural gas production at 288.0 million cubic feet per day was up six per cent from 271.0 million cubic feet per day.
 The company expects actual results to be available towards the end of the month.
 Norcen also announced the closing of a U.S. $170.0 million seven- year Euroloan financing. The financing was provided by a syndicate of eight international banks and was co-lead by ABN Amro Bank NV and the Canadian Imperial Bank of Commerce. The funds, which will be drawn down in stages during 1992, will be used to retire short term debt.
 In addition the company announced that regular quarterly dividends of 15 cents (Cdn.) per share on both the Multiple Voting Ordinary Shares (NCN) and the Subordinate Voting Ordinary Shares (NCN.A), and 50.75 cents (Cdn.) per share on the Series A, First Preference Shares (NCN.F) have been declared payable on June 1, 1992, to shareholders of record on May 11, 1992.
 -0- 4/21/92
 /CONTACT: Ron Burrows of Norcen Energy Resources, 403-231-0107/
 (NCN) CO: Norcen Energy Resources Ltd. ST: Alberta IN: OIL SU: ERN


EH -- LA035 -- 0891 04/21/92 16:52 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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