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SHELL CANADA ACQUIRES SOLE OWNERSHIP OF ITS OIL SANDS PROPERTIES

SHELL CANADA ACQUIRES SOLE OWNERSHIP OF ITS OIL SANDS PROPERTIES
 CALGARY, Alberta, Sept. 17 /PRNewswire/ -- Shell Canada Ltd. (Toronto, Montreal, Vancouver, Calgary: SHC) today purchased 100 percent of the stock of Pecten Canada Ltd., an oilsands company, from the U.S.-based Shell Petroleum Inc.
 Pecten Canada Ltd. holds a 50 percent interest in the Shell Canada-operated Peace River Complex and Athabasca land holdings in northern Alberta. This includes about 80,000 hectares of oilsands leases in Athabasca and 50,000 hectares in the Peace River area. The acquisition will give Shell Canada 100 percent ownership of the Peace River Complex.
 "This acquisition strategically positions Shell Canada to further capitalize on the potential for oil recovery from the Peace River/Athabasca area if and when technology and economics make it attractive," said Robert F. Taylor, executive vice president, Shell Canada Resources.
 Shell estimates that its Peace River leases alone hold 14 billion barrels of bitumen in place. The Peace River Complex, one of Shell Canada's core properties, is about 500 kilometers northwest of Edmonton. It is currently producing at a rate of 10,000 barrels of bitumen per day.
 The total Athabasca, Peace River and other bitumen and heavy oil deposits in Alberta hold an estimated 1.7 trillion barrels of oil -- about 40 percent of the world's known bitumen -- but only five percent can be recovered using existing techniques.
 Shell Petroleum Inc. is owned 100 percent by the Royal Dutch/Shell Group. Shell Canada Ltd. is owned 78 percent by the Group and 22 percent by public shareholders.
 -0- 9/17/92
 /CONTACT: Adrienne Lamb, public affairs representative of Shell Canada, 403-691-3892/
 (SHC.) CO: Shell Canada Ltd. ST: Alberta IN: OIL SU: TNM


BP -- LA040 -- 0903 09/17/92 18:32 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
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