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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (13825)	11/26/1998 5:44:00 AM
From: Kerm Yerman	Read Replies (6) of 15196

IN THE NEWS / Gulf Canada Resources sells more Canadian assets Gulf Canada Resources Ltd. took another step in its asset sale plan on Wednesday, with an agreement by Equatorial Energy Inc. (OZ/VSE) to buy some western Canadian oil and natural gas properties for C$70.5 million. The properties cover 340,000 net undeveloped acres in Alberta, Saskatchewan and northeast British Columbia and include the Kaybob South Triassic Unit and the Bigoray area, according to Gulf Canada. "This sale is a significant step in the Western Canada divestiture program announced in July," said Don Hrap, Gulf's Vice President of North American Operations. Gulf officials in July said they had an asset sale target of C$1.38 billion in 1998. The company is eyeing the sales in a bid to cut debt amid a period of depressed oil prices. Gulf will get C$50 million cash and C$20.5 million in preferred stock convertible into common stock of Equatorial Energy. The preferred stock will carry a 6.5 per cent annual dividend and is redeemable by EEI at any time subject to a premium payment and accrued dividends. The companies hope to close the deal in January. Equatorial Energy President G. Marshall Abbott said the transaction "will be pivotal in providing ascending cash flow and asset value for our shareholders in 1999."

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