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WAINOCO ANNOUNCES RETIREMENT OF ITS CHAIRMAN AND APPOINTMENT OF NEW CEO

WAINOCO ANNOUNCES RETIREMENT OF ITS CHAIRMAN AND APPOINTMENT OF NEW CEO
 HOUSTON, Feb. 25 /PRNewswire/ -- Wainoco Oil Corporation (NYSE: WOL) announced today that John B. Ashmun, the company's chairman of the board and chief executive officer, plans to retire on April 1, 1992. Ashmun has agreed to remain on the board of directors, serve as its chairman and be a consultant to the company. Wainoco also announced that James R. Gibbs, its president, will become its new chief executive officer succeeding Ashmun.
 Ashmun has been the company's only CEO since 1968, when he and three colleagues acquired control of Wainoco, then a publicly held corporate shell listed on the Toronto Stock Exchange. The building of a new energy concern was commenced under Ashmun's leadership. Ashmun opened the company's Houston office in 1972 and moved its domicile from Calgary, Alberta, to the United States in 1976. In 1981, Wainoco's common shares were listed on the New York Stock Exchange. Under Ashmun's guidance, Wainoco has grown from negligible revenues and assets to 1991 revenues of $130 million and assets of $287 million. Recent additions of oil reserves and a refining operation to Wainoco's large reserves of natural gas have broadened and diversified its asset base, improving its position to meet the unusual challenges of this decade.
 Gibbs, who is 47 years old, joined Wainoco in 1982 as vice president, finance. In 1985 he was promoted to executive vice president and became a member of Wainoco's board of directors. He has been president and chief operating officer since 1987.
 "Jim has had an outstanding performance in his ten years with Wainoco," said Ashmun. "His superior intelligence, his quickness to learn, and his administrative skills are qualities that will successfully move this company into a brighter future," Ashmun stated on behalf of all of Wainoco's directors, "and we are very fortunate to have his leadership."
 Wainoco Oil Corporation is a North American oil and gas exploration, production and refining company with operations in the United States and Canada. Wainoco's common shares are listed on the New York and Alberta Stock Exchanges under the symbol "WOL".
 -0- 2/25/92
 /CONTACT: Carolyn Rogan or Julie Edwards of Wainoco Oil, 713-658-9900/
 (WOL) CO: Wainoco Oil Corporation ST: Texas IN: OIL SU: PER SM -- NY085 -- 2570 02/25/92 17:34 EST
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Publication:PR Newswire
Date:Feb 25, 1992
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