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PETRO-CANADA COMPLETES THE RATIONALIZATION OF ITS UPSTREAM ASSETS BY FORMING TROCANA RESOURCES

 CALGARY, Alberta, Sept. 30 /PRNewswire/ -- Petro-Canada has essentially completed its upstream asset rationalization program with the formation of a new, autonomous business, TroCana Resources. Petro- Canada Resources division President Norm McIntyre said, "We created TroCana to generate the greatest economic value from the portion of our asset base best exploited by a small company. Our intention is that at an appropriate time in the future we will sell TroCana and reinvest a significant portion of the proceeds in our core Western Canada businesses. Petro-Canada Resources will then have divested all of its non-core Western Canadian conventional assets."
 The asset rationalization program has been a key element of Petro-Canada Resources' strategy of focusing its capital and human resources on a limited number of strategic properties. The program has consolidated Petro-Canada's Western Canada asset base from over 500 producing entities to about 150 core entities in 24 strategic producing areas. Petro-Canada now concentrates its expertise and resources on these core assets, where it holds significant working interests and which provide the company with attractive opportunities for value growth.
 John Halliwell is appointed president of TroCana Resources. Halliwell hase been involved in the petroleum business for 20 years, the last 15 with Petro-Canada. He was most recently Petro-Canada's general manager of Asset Rationalization, which included the responsibility for managing the company's non-core, Western Canada conventional assets.
 TroCanada will participate in all aspects of the conventional upstream business in Western Canada. Current daily production is about 6,500 barrels of oil and natural gas liquids and 35 million cubic feet of natural gas.
 -0- 09/30/93
 /CONTACT: David Hocking, Public Affairs, 403-296-8484/
 (PCA.)


CO: Petro-Canada ST: Alberta IN: OIL SU: ECO

EH-xx -- LA033 -- 7384 09/30/93 14:47 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
Words:287
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