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TOTAL PETROLEUM (NORTH AMERICA) ANNOUNCES DIVIDEND

 PARIS, Dec. 14 /PRNewswire/ -- The board of directors of Total Petroleum (North America) Ltd. (AMEX: TPN) ("Total Petroleum"), today announced that it is resuming payment of dividends on its common shares, at a rate of 5 cents per share per quarter, effective for the first quarter 1993. The dividend of 5 cents per share on the common shares declared today is payable on Jan. 20, 1994, to shareholders of record Jan. 7, 1994.
 Before making its decision, the board considered that it may be necessary to record a fourth quarter accounting adjustment for the reduction in inventory valuation due to the recent decline in petroleum prices. Based on prevailing prices, the company estimates that this adjustment would be in the range of $10 million to $15 million after- tax. The company accounts for the cost of its inventories on the Last- In, First-Out method, but the market value of the inventory has fallen below the recorded inventory cost. If such an adjustment is necessary it can be reversed later when prices recover.
 Commenting on the board's decision, Daniel Valot, chairman and chief executive officer stated, "Such an adjustment might negatively affect our bottom line. However, Total Petroleum appears to be completing 1993 with a significant improvement in operating results which we believe reflects a sustainable strengthening of our competitive position. I am happy that the board shared our confidence in our future by resuming a dividend payment."
 Shareholders are reminded that Total Petroleum offers a Dividend Reinvestment Plan which provides a simple and convenient method of investing cash dividends in Total Petroleum common shares at a price equal to a 5 percent discount from the market price without payment of any service charge. To obtain an enrollment form and prospectus, contact: The R-M Trust Co., 600 The Dome Tower, 333 7th Ave. S.W., Calgary, Alberta T2P 2Z1; phone 403-264-2400.
 Total Petroleum is a refiner and marketer of petroleum products in the central United States. Its shares are listed on the American, Toronto, Montreal and Pacific stock exchanges. Approximately 54 percent of its common shares are owned by TOTAL S.A., a leading international oil and gas company, headquartered in France with shares listed on the Paris, London and New York stock exchanges.
 -0- 12/14/93
 /CONTACT: Steve Nicholson of Total Petroleum, 303-291-2271/
 (TPN)


CO: Total Petroleum (North America) Ltd. ST: IN: OIL SU: DIV

MC -- DV002 -- 3563 12/14/93 10:23 EST
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Publication:PR Newswire
Date:Dec 14, 1993
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