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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (13629)	11/19/1998 9:21:00 AM
From: Kerm Yerman	Read Replies (2) of 15196

IN THE NEWS / Canadian Occidental Petroleum plans to sell C$550 mln in assets Canadian Occidental Petroleum Ltd. <CXY.TO> plans to complete the sale of C$550 million in assets by the end of January, a Toronto newspaper reported on Thursday. Assets on the block include non-core oil and gas properties in Alberta and in the North Sea, the National Post said. It added that the Alberta properties should fetch between C$300 million and C$350 million. The newspaper quoted President and Chief Executive Victor Zaleschuk as saying the sales will lower CanOxy's long-term debt load to C$1.8 billion. As of the end of September, CanOxy's debt stood at C$2.4 billion. Much of that debt was piled on in 1997 when CanOxy bought heavy oil producer Wascana Energy for C$2 billion. Zaleschuk declined to name any of the possible buyers for the properties but said his company will get full value for the assets. "With commodity prices as low as they are, the whole key is control of costs, and then focusing in large areas where there is infrastructure, land and growth opportunities," Zaleschuk was quoted as saying. "We can't make money dabbling with small properties scattered all over the place. It's focus, focus, focus."

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