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PRAIRIE OIL COMPLETES $15 MILLION WARRANTS ISSUE

 CALGARY, Alberta, April 20 /PRNewswire/ -- Prairie Oil Royalties Company Ltd. today announced it has completed the private placement of 1 million special warrants at a price of $15.375 per warrant, through an underwriting agreement with BBN James Capel Inc. When exercised, each special warrant will be exchanged for one common share of Prairie Oil. A preliminary prospectus for the issue of such common shares will be filed shortly with securities commissions in Ontario, Saskatchewan and Alberta. Gross proceeds from the issue of the warrants are currently being held in escrow, pending final prospectus approval by these securities commissions. When all of the warrants are exercised, Prairie Oil will receive net proceeds of approximately $15 million and the interest held by the parent company, Norcen Energy Resources Ltd., will decline from 74.4 percent to 66.0 percent. The company plans to use these proceeds to fund an expanded oil and gas investment program in Western Canada.
 -0- 4/20/93
 /CONTACT: Ron Burrows, manager (investor relations) of Prairie Oil Royalties, 403-231-0107, fax 403-231-0011/
 (POY.)


CO: Prairie Oil Royalties Company Ltd. ST: Alberta IN: OIL SU:

KJ -- LA029 -- 8092 04/20/93 13:02 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
Words:195
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