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NORTH CANADIAN OILS ANNOUNCES RATIONALIZATION MEASURES

 NORTH CANADIAN OILS ANNOUNCES RATIONALIZATION MEASURES
 CALGARY, Alberta, Jan. 22 /PRNewswire/ -- North Canadian Oils


(AMEX: NCD, Toronto, Montreal: NCO) has completed a review of its properties, staff levels, and programs in light of the structural change in the economics of the oil and gas industry and has made the following changes:
 - 43 positions have been eliminated from a total of 485. The
 reductions include 35 office positions and 8 field positions.
 - approximately 60 percent of NCO's properties representing
 25 percent of the company's reserves, 18 percent of the production
 and 14 percent of cash flow will be transferred to a new division
 which is charged with adding value by either selling the
 properties or managing them as efficiently as possible;
 - the current operations group will concentrate on the remaining
 properties to maximize results;
 - the exploration group has been reorganized to focus on key areas
 to increase reserve additions;
 - a concerted effort will be made to add reserves through property
 acquisitions.
 It is anticipated that the above measures, coupled with NCO's strong balance sheet and ongoing initiatives in marketing and power cogeneration, will improve the company's overall performance, particularly during these difficult times for the oil and gas industry.
 North Canadian Oils Ltd. 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.
 -0- 1/22/92
 /CONTACT: G. Barry Padley, senior VP and CFO, 403-261-4320, or Gerry F. Stevenson, senior VP, engineering and production, 403-261-3279, both of North Canadian Oils Ltd./
 (NCD) CO: North Canadian Oils Ltd. ST: Alberta IN: OIL SU:


AL -- LA030 -- 2456 01/22/92 16:08 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 22, 1992
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