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NORTH CANADIAN ANNOUNCES NINE-MONTH RESULTS

 NORTH CANADIAN ANNOUNCES NINE-MONTH RESULTS
 CALGARY, Alberta, Nov. 12 /PRNewswire/ -- North Canadian Oils


Limited (AMEX, Toronto, Montreal: NCO) reported mixed operating and financial results for the first nine months of 1991 and the third quarter ended Sept. 30.
 Total revenues increased from $116.7 million for the first nine months of 1990 to $123.3 million for the same period of 1991 due mainly to higher production levels. Cash generated from operations declined from $66.2 million to $64.5 million. Net earnings attributable to common shares and after the deduction of preferred share dividends, declined from $14.9 million ($0.41 per common share) to $6.5 million ($0.18 per common share). The decline was due mainly to lower crude oil prices and lower investment and other income.
 Natural gas production averaged 231 mmcfd for the nine month period, an increase of 17 percent over the 1990 figure. Production of crude oil and NGLs increased 36 percent to average 6,665 bpd. The average price received for natural gas rose slightly from $1.43 per mcf in 1990 to $1.44 per mcf in 1991. The average price for crude oil and NGLs declined from $21.42 per bbl in 1990 to $17.79 per bbl in 1991 due primarily to lower world oil prices.
 A total of 93 net exploration and development wells were drilled by Sept. 30, 1991, resulting in reserve additions of 52.2 bcf of natural gas and 877,100 bbls of crude oil and NGLs. The company also added 8.1 bcf of natural gas and 100,000 bbls of crude oil and NGLs through acquisitions during that period.
 North Canadian Oils Limited is a senior oil and gas exploration, production, marketing and power cogeneration company. NCO's common shares trade on the Toronto and Montreal stock exchanges in Canada and The American Stock Exchange in the United States.
 NORTH CANADIAN OILS LIMITED
 CONSOLIDATED RESULTS FOR THE THIRD QUARTER
 ENDED SEPT. 30, 1991
 Three Months Nine Months
 1991 1990 1991 1990
 FINANCIAL
 (millions except per share amounts)
 Total revenues, net after
 royalties $36.1 $37.1 $123.3 $116.7
 Cash generated from
 operations $17.7 $20.1 $ 64.5 $ 66.2
 After preferred share
 dividends,
 per common share $0.43 $0.49 $ 1.60 $ 1.63
 Net earnings $ 3.0 $ 7.0+ $ 12.5 $22.0+
 Attributable to
 common shares $ 1.1 $ 4.7+ $ 6.5 $14.9+
 Per common share $0.03 $0.13+ $ 0.18 $0.41+
 Capital Expenditures $17.5 $30.8 $ 73.3 $ 88.2
 Total Assets $1,101.6 $1,125.8
 Weighted average number of
 common shares outstanding
 (millions) 36.5 36.3
 + Restated
 OPERATING
 Daily Production
 Natural gas (mmcfd) 206 176 231 198
 Crude Oil and NGLs (bpd) 6,270 4,938 6,665 4,906
 Reserves - Proven
 Natural gas (bcf) 1,209.8 1,055.6
 Crude Oil and NGLs (mmbbls) 15.4 11.3
 Land Holdings (000's net acres)
 Developed 1,157 1,018
 Undeveloped 1,365 1,255
 Wells Drilled (net)
 Natural gas 20 29 63 76
 Crude oil - 2 8 3
 Dry and abandoned 5 5 22 10
 TOTAL 25 36 93 89
 Success Ratio (percent) 80 86 76 89
 -0- 11/12/91
 /CONTACT: Grant D. Billing, exec. VP and COO, 403-261-3304, or G. Barry Padley, senior VP, CFO and corporate secretary, 403-261-4320, both of North Canadian Oils Limited/
 (NCO.) CO: North Canadian Oils Limited ST: Alberta IN: OIL SU: ERN CH -- LA008 -- 3355 11/12/91 10:06 EST
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Date:Nov 12, 1991
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