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NORCEN REPORTS CASH FLOW GAIN IN FIRST QUARTER

 CALGARY, Alberta, April 19 /PRNewswire/ -- At its Annual and Special Meeting of Shareholders held today in Calgary, Norcen Energy Resources Ltd. announced estimated results for the first quarter of 1994.
 Barry D. Cochrane, Norcen's president and chief executive officer, reported that estimated cash generated from operations for the first quarter of 1994 at $106.4 million, was up 17 percent from a year earlier, despite a 22 per cent decline in oil prices. Production gains and higher gas prices were the main contributors to the improvement.
 Estimated net earnings, however, declined to $16.2 million from $24.1 million in the first quarter a year ago, as the cash flow improvement was more than offset by higher depreciation, depletion and amortization expense and an increased provision for unrealized foreign exchange losses. The rise in the depreciation, depletion and amortization expense was mainly the result of the production gains. The increase in foreign exchange losses reflected the decline in the value of the Canadian dollar.
 Natural gas production for the quarter was estimated at 550 million cubic feet per day, up 61 per cent from 342 million cubic feet per day in the first quarter of 1993, as the result of the North Canadian Oils acquisition, which took place on April 1, 1993, plus the more recent Gulf of Mexico acquisition. Oil and gas liquids production at 63,000 barrels was up from 56,700 barrels per day mainly reflecting gains in Canada and Venezuela.
 Actual results for the first quarter are scheduled for release on May 2, 1994.
 The company also announced that regular quarterly dividends of 15 cents (Cdn.) per share on the Common Shares (NCN) and 50.75 cents (Cdn.) per share on the First Preference Shares, Series A (NCN.F) have been declared payable on June 1, 1994 to shareholders of record on May 11, 1994.
 -0- 4/19/94
 /CONTACT: Ron Burrows, Manager, Investor Relations, 403-231-0107/
 (NCN.)


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

MF -- LA051 -- 7163 04/19/94 16:55 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
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