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NORTH CANADIAN ANNOUNCES THE ACQUISITION OF SHELL PROGRESS PROPERTY

NORTH CANADIAN ANNOUNCES THE ACQUISITION OF SHELL PROGRESS PROPERTY
 CALGARY, Alberta, June 22 /PRNewswire/ -- North Canadian Oils Limited (AMEX: NCD, Toronto, Montreal: NCO) announces that it has agreed with Shell Canada Limited to purchase their interests in the Progress Area of northern Alberta for $75 million. The effective date of purchase will be July 1, 1992, with closing scheduled for early September. The purchase is subject to regulatory approvals and third party rights of first refusal on the Progress gas plant and certain other assets.
 This acquisition represents a major opportunity for NCO and provides a strategic fit with the company's existing asset base. It is NCO's view that the Progress property has both significant development and exploration upside potential. NCO intends to initially finance the acquisition from its established credit facilities.
 Total remaining recoverable reserves are 115 billion cubic feet of natural gas and four million barrels of crude oil and NGLs together with 20,000 net acres of undeveloped lands. Current production from the property is 19 million cubic feet per day of natural gas and 880 barrels per day of crude oil and NGLs. The property is located approximately 120 km northwest of NCO's Grande Prairie district office and 50 km north of NCO's Knopcik area. The assets to be acquired include Shell's approximate 28 percent working interest in the 77 million cubic feet per day Progress gas plant, and their various interests in oil batteries and other facilities. As a result of this acquisition, NCO's total production and reserves will increase by more than 10 percent.
 North Canadian Oils Limited is a senior oil and gas exploration, production, marketing and power cogeneration company. Exploration and production activities are concentrated in the Western Sedimentary Basin of Canada, while marketing and cogeneration activities have a North American focus. NCO's common shares are traded on the Toronto and Montreal stock exchanges in Canada and the American Stock Exchange in the United States.
 -0- 06/22/92
 /CONTACT: Gerald F. Stevenson, senior VP, Engineering and Production, 403-261-3279, or Norman R. Gish, president and CEO, 403-261-3210, both of North Canadian Oils/
 (NCD) CO: North Canadian Oils Limited ST: Alberta IN: OIL SU: CH -- LA019 -- 2544 06/22/92 16:29 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
Words:370
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