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SHELL AND AMOCO SWAP ASSETS

 CALGARY, Alberta, Feb. 23 /PRNewswire/ -- Shell Canada Ltd. (Toronto, Montreal, Vancouver, Calgary: SHC) and Amoco Canada Petroleum Co. Ltd. signed an agreement Friday to exchange assets and cash totalling approximately $80 million.
 The deal, effective Jan. 1, 1993, involves swapping a significant number of oil and gas assets in Alberta and British Columbia, in addition to a cash settlement.
 Shell Canada will acquire the following assets and cash valued at approximately $40 million:
 -- Amoco's interest in House Mountain, 300 kilometers northwest of Calgary;
 -- Amoco's interest in Harmattan East, 80 kilometers northwest of Calgary;
 -- Amoco's interests in the Burnt Timber plant and Clearwater gathering system along with associated production, located in south central Alberta;
 -- Amoco's interest in Virginia Hills Belloy Shunda unit, 200 kilometers northwest of Edmonton;
 -- Amoco's interests in the Boulder area and three blocks of exploration lands in the Martin area in northeastern British Columbia;
 -- Leases to Amoco mineral rights in the Waterton area in southwestern Alberta;
 -- An undisclosed amount of cash.
 In return, Amoco will acquire Shell's interest in the Nipisi Gilwood unit in northeastern Alberta and all of Shell's interest in North Cypress in northern British Columbia.
 The deal, subject to regulatory approval, will allow both companies to focus their efforts on their core assets to maximize their profitability.
 -0- 2/23/93
 /CONTACT: Rodd Sulzle, Asset Management of Shell Canada Ltd., 403-691-3090/
 (SHC.)


CO: Shell Canada Ltd. ST: Alberta IN: OIL SU:

MS -- LA027 -- 9534 02/23/93 15:27 EST
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Publication:PR Newswire
Date:Feb 23, 1993
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