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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Cal Gary who wrote (7226)	4/3/2000 6:55:00 PM
From: RIK	Read Replies (1) of 24927

A longshot .... Monday April 3, 5:36 pm Eastern Time Company Press Release SOURCE: Gulf Canada Resources Limited Gulf Canada Resources Limited - AEUB Surmont Ruling Announced CALGARY, April 3 /CNW-PRN/ - Gulf Canada Resources Limited received notification today from the Alberta Energy and Utilities Board that Gulf's application to shut in third party associated gas production on Gulf's Surmont oil sands leases has been substantially accepted. All gas wells producing from the Wabiskaw-McMurray Formation on Gulf's Surmont leases are to be shut in as of May 1, 2000. Gulf's President and CEO Dick Auchinleck said, ``We are pleased with the AEUB decision. We have made a considerable investment in the Surmont leases with the expectation that we would be able to produce this extensive bitumen resource, and the Board would recognize that Gulf's Surmont leases represent a significant energy resource for the Province of Alberta.' The Surmont leases contain an estimated 15 billion barrels of bitumen in place, of which five billion barrels are estimated to be recoverable through the application of the Steam Assisted Gravity Drainage technology currently being developed. It is anticipated that with continued successful performance of the pilot project Gulf and its partner will proceed with commercial development. Gulf Canada Resources Limited is a Canadian based independent exploration and production company with primary operations in western Canada, Indonesia,and the Netherlands. Its shares are traded on the Toronto and New York Stock Exchanges under the ticker symbol GOU. SOURCE: Gulf Canada Resources Limited

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