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PANCANADIAN ANNOUNCES PROPOSED SALE OF LANGEVIN

 CALGARY, May 24, /PRNewswire/ -- PanCanadian Petroleum Limited (Toronto: PCP) announced today that it is offering for sale a wholly owned subsidiary, Langevin Resources Limited, which will hold various oil and gas properties situated throughout Alberta, with minor property holdings in Manitoba, Saskatchewan and British Columbia.
 Total proven and probable reserves associated with the Langevin properties are in the order of 4.2 million barrels of oil and natural gas liquids and 220 billion cubic feet of natural gas. Production from the Langevin properties during 1992 was approximately 2,000 barrels per day of oil and natural gas liquids and 28 million cubic feet per day of natural gas. Approximately 30 percent of this production is operated. Cash flow before general and administrative expenses for 1992 was in the order of $16 million.
 A detailed information package will be made available to qualified purchasers. Prospective purchasers will be required to submit non- binding proposals on or before June 30, 1993, with Data Room viewing to occur thereafter. The effective date of the proposed sale is July 1, 1993 with closing to take place as soon as practicable after July 30, 1993.
 -0- 5/24/93
 /CONTACT: Cameron MacGillivray, 403-290-3407 or Larry Ho, 403-290-3404, both of PanCanadian Petroleum Limited/
 (PCP)


CO: PanCanadian Petroleum Limited ST: Alberta IN: OIL SU:

TM -- NY009 -- 1764 05/24/93 14:00 EDT
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Publication:PR Newswire
Date:May 24, 1993
Words:226
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