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PROPOSAL FOR CN EXPLORATION PURCHASE EXTENDED

 PROPOSAL FOR CN EXPLORATION PURCHASE EXTENDED
 MONTREAL, March 27 /PRNewswire/ -- The deadline for proposals for


the purchase of CN Exploration, Canadian National Railways' Western Canada oil and gas unit, has been extended three weeks to May 1, 1992. The extension will allow foreign investors to participate in the bidding process following recently-announced changes in federal foreign investment policy for the Canadian oil and gas industry.
 Nesbitt Thomson Inc. of Calgary, is assisting CN in soliciting binding offers from the oil and gas industry, financial institutions and pension trust funds for CN Exploration. The business produces about 1.4 million barrels of oil a year, has working interests in about 800 wells, and generated operating income of $4.1 million on gross sales of $33 million in 1991.
 -0- 3/27/92
 /CONTACT: Roger Cameron of Canadian National, 514-399-6630, or home, 514-697-0830/ CO: CN Exploration; Canadian National Railways ST: Quebec IN: OIL SU:


AH -- NY073 -- 2580 03/27/92 18:33 EST
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Publication:PR Newswire
Date:Mar 27, 1992
Words:161
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