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NORTH CANADIAN CLARIFIES PRODUCTION ESTIMATES

 NORTH CANADIAN CLARIFIES PRODUCTION ESTIMATES
 CALGARY, Alberta, Oct. 30 /PRNewswire/ -- In light of the active


trading in common shares of North Canadian Oils Ltd. (AMEX: NCD; Toronto, Montreal: NCO) on Thursday, Oct. 29, 1992, and the resulting decrease in share price from $16 to $14.50, the Toronto Stock Exchange has asked if the company is aware of any factor which may have caused this activity. The only reason the company can give, is that some analysts have lowered earlier estimates of the company's production levels for 1993.
 To help clarify the situation, the company's current 1993 estimate of natural gas and liquids production is approximately 240 million cubic feet per day and 6,700 barrels per day respectively. NCO is in the process of enhancing its reserve base through the sale of non-core properties and the re-investment of these proceeds, along with other funds, into acquiring and exploring for longer life reserves. This rationalization and enhancement process by its nature, makes it inherently more difficult to estimate future production levels.
 North Canadian Oils Ltd. is a senior 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.
 -0- 10/30/92
 /CONTACT: G. Barry Padley, senior VP and CFO, 403-261-4320/
 (NCO) CO: North Canadian Oils Ltd. ST: Alberta IN: OIL SU:


EH -- LA014 -- 7038 10/30/92 10:29 EST
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Publication:PR Newswire
Date:Oct 30, 1992
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