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NORTH CANADIAN OILS LTD. ANNOUNCES NEW CREDIT FACILITIES FOR $65 MILLION

NORTH CANADIAN OILS LTD. ANNOUNCES NEW CREDIT FACILITIES FOR $65 MILLION
 CALGARY, Alberta, Feb. 18 /PRNewswire/ - North Canadian Oils Ltd. (AMEX: NCD) (Toronto, Montreal: NCO) is pleased to announce the closing of a Cdn. $65 million Extendible Unsecured Revolving Term Credit Facility effective Feb. 14, 1992. The Credit Facility was arranged through the Canadian Imperial Bank of Commerce and currently has a minimum term of six years. This term is extendible at the option of the bank with the full amount due and payable at the end of the extended term. The facility has been drawn down by $65 million to redeem indebtedness relating to NCO's ten percent Debenture Series 1, which is held by the Canadian Imperial Bank of Commerce.
 With the arrangement of this Facility, NCO now has $215 million and $52 million respectively, in long and short term committed credit. In addition, the company has been authorized to issue Commercial Paper for up to $150 million. Of this combined total, $187 million has currently been drawn down.
 North Canadian Oils Ltd. is a senior oil and gas exploration, production, marketing and power cogeneration company. 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- 02/18/92
 /CONTACT: G. Barry Padley, senior VP and CFO, 403-261-4320, or Naser A. Khan, treasurer, 403-261-3271, both of North Canadian Oils Ltd./
 (NCD) CO: North Canadian Oils Ltd. ST: Alberta IN: OIL SU:


EH -- LA023 -- 0060 02/18/92 15:17 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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