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NORCEN REPORTS STRONG FIRST QUARTER RESULTS

 CALGARY, Alberta, April 20 /PRNewswire/ -- At its Annual and Special Meeting of Shareholders held today in Calgary, Norcen Energy Resources Ltd. (Toronto, Montreal: NCN) announced estimated results for the first quarter of 1993.
 Barry D. Cochrane, Norcen's president and chief executive officer, reported that estimated net earnings for the first quarter of 1993 at $24.1 million were up 33 percent from a year earlier and estimated cash generated from operations, at $89.0 million, was up 16 percent. A sharp increase in natural gas production, higher gas prices and a much improved performance from propane marketing were the main contributors to the good results.
 Natural gas production for the quarter was estimated at 342.1 million cubic feet per day, up 20 percent from 285.1 million cubic feet per day in the first quarter of 1992. Oil and gas liquids production at 58,600 barrels was up from 56,200 barrels per day.
 The company also announced that shareholders voted in favor of creating a new class of common shares to replace the existing two classes of ordinary shares. As a result, each issued and outstanding Multiple Voting Ordinary Share and each issued and outstanding Subordinate Voting Ordinary Share will be changed into one Common Share, with each Common Share carrying one vote.
 In addition, the company 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, 1993, to shareholders of record on May 11, 1993.
 -0- 4/20/93
 /CONTACT: Ron Burrows, manager-investor relations of Norcen, 403-231-0107, fax: 403-231-0011/
 (NCN.)


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

LS-KJ -- LA044 -- 8272 04/20/93 16:26 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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