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THREE DIRECTORS RESIGN FROM GULF BOARD

 CALGARY, Alberta, Jan. 29 /PRNewswire/ -- Gulf Canada Resources Ltd. (Toronto, Montreal Vancouver: GOU) today announced that three directors of the company have resigned.
 Albert Reichmann and Paul Reichmann had been Gulf directors since 1986. G.I. (Gil) Newman had been a Gulf director since 1985.
 Their resignations follow the recent votes by various classes of secured and unsecured creditors of Olympia & York Developments Ltd., which resulted in the approval of O & Y's Plans of Compromise and Arrangement. Gulf considers the approval of those plans to be a positive beginning to the resolution of the uncertainty surrounding the majority ownership of Gulf Canada Resources.
 The Gulf board expects to meet in February. The company anticipates that it will announce the appointment of replacement directors at that time.
 -0- 1/29/93
 /CONTACT: Craig Langpap, manager, investor relations, 403-233-4341, or Jim Rennie, senior advisor, public affairs, 403-233-3099, both of Gulf Canada/
 (GOU.)


CO: Gulf Canada Resources Ltd. ST: Alberta IN: OIL SU: PER

MS-EH -- LA039 -- 0990 01/29/93 17:54 EST
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Publication:PR Newswire
Date:Jan 29, 1993
Words:170
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