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PANCANADIAN CHIEF EXECUTIVE OFFICER ADDRESSES ANNUAL MEETING

 PANCANADIAN CHIEF EXECUTIVE OFFICER ADDRESSES ANNUAL MEETING
 CALGARY, Alberta, April 15 /PRNewswire/ -- David P. O'Brien, chief executive officer of PanCanadian Petroleum Ltd. (Toronto, Montreal, Vancouver, Calgary: PCP), stated in his address to shareholders at the annual general meeting on April 15 in Calgary that the company achieved significant operational success in 1991. Based on preliminary information, PanCanadian's Western Canadian reserve additions in 1991 appear to be the highest in the industry. Programs in 1991 added proved reserves of 67 million barrels of oil equivalent, replacing 139 percent of conventional production. This was the second year in a row that PanCanadian has replaced substantially more than its production.
 O'Brien provided preliminary estimates for the first quarter of 1992. PanCanadian's production of crude oil and natural gas liquids exceeded 105 000 barrels per day, up 10 percent over the same period in 1991. Conventional crude oil volumes were up 15 percent over the same period in 1991, and natural gas production volumes were up 24 percent.
 These production gains were offset by low prices and substantial price differentials for heavier grades of crude oil. As a result, net income is approximately $20 million as compared to $49 million in the first quarter of 1991. Cash flow for the quarter is estimated at $95 million, compared to the $122 million reported for the same period last year.
 However, O'Brien stated, some of these negative factors have reversed themselves in the last three weeks, with higher crude prices and narrowing differentials. If these changes persist, he predicted, subsequent quarters could show improved financial results.
 O'Brien said that PanCanadian remains committed to substantial capital programs in Western Canada in 1992. He stated that in this current environment of low costs for land acquisitions and drilling, financially strong companies have the opportunity to improve their competitive position in the industry.
 -0- 4/15/92
 /CONTACT: Marion J. Wood of PanCanadian Petroleum, 403-290-2220/
 (PCP.) CO: PanCanadian Petroleum Ltd. ST: Alberta IN: OIL SU:


DM -- LA024 -- 8759 04/15/92 13:29 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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