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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (8715)1/30/1998 1:21:00 PM
From: Arnie   of 15196
 
PIPELINES / Gulf Canada sells Alliance interest to Westcoast Energy

CALGARY, Jan. 29 /CNW/ - Gulf Canada Resources Limited today announced
that it has agreed to sell its eight (8) per cent interest in the Alliance
Pipeline project to Westcoast Energy Inc. Although a price was not disclosed,
Gulf said Westcoast has agreed to pay a premium over Gulf's actual investment
of about Cdn. $12 million in the project. In addition, Gulf has retained an
option, through Westcoast, to acquire an effective five (5) per cent interest
in the natural gas liquids extraction and marketing facilities associated
with the project.

''Alliance is the key to achieving a healthy, competitive gas pipeline
infrastructure for Canadian gas producers, providing much-improved access and
linkage to key U.S. markets'' said Gulf Vice President - Marketing, Jim
Bertram. ''Alliance is well on the way to achieving regulatory approval and
beginning construction. The time has come for us to put it in the hands of
senior North American pipeline companies so we can get back to our real
business, which is finding and producing the gas to fill the pipeline.''

Gulf has been a major supporter and owner since the inception of the
project. Gulf retains its long-term commitment to ship a minimum of 50
million cubic feet per day of gas on the Alliance pipeline.
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