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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (10378)	1/5/1999 6:53:00 PM
From: Kerm Yerman	of 15196

CORP. NOTICE / Imperial Oil Limited Settlement TORONTO, Jan. 5 /CNW/ - Imperial Oil Limited today announced a final settlement with the province of Alberta for a refund of $155 million related to a number of taxation issues in its natural-resource business between 1981 and 1990. The refund includes about $80 million in taxable interest. A portion of the refund was recognized in company earnings of previous years. As a result, this settlement and related tax issues will provide an earnings gain of about $74 million, after tax, which will be recorded in the fourth quarter of 1998. The settlement is based on previously announced federal tax refunds received in March 1996 and September 1998, which arose mainly from a 1992 decision by the Federal Court of Appeal in The Queen vs. Gulf Canada Limited.

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