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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (10751)	5/16/1998 1:17:00 AM
From: Kerm Yerman	Read Replies (4) \| Respond to of 15196

PROPERTY DISPOSITION / Kerr-McGee and Gulf Canada Resources Complete Transaction OKLAHOMA CITY, May 15 /PRNewswire/ -- Kerr-McGee Corp. (NYSE: KMG - news) completed the purchase of the United Kingdom North Sea operations of Gulf Canada Resources Limited for Cdn $590 million, today. The effective date of the transaction is March 31, 1998. ''This transaction enhances Kerr-McGee's portfolio in the North Sea, providing geographic synergies and additional exploration and exploitation opportunities,'' said Luke R. Corbett, Chairman and Chief Executive Officer of Kerr-McGee. ''We are pleased the transaction was completed within the planned timeframe and in an efficient, expedient manner.'' ''We are particularly pleased to have completed this sale in such a short time since announcing our debt reduction plans,'' said Richard H. Auchinleck, President and Chief Executive Officer of Gulf Canada. ''The proceeds from this sale will be used to repay debt and strengthen Gulf's balance sheet.'' The assets acquired by Kerr-McGee represent all of Gulf's holdings in the U.K. North Sea, involving 28 licenses, which include interests in the Wytch Farm, Gryphon, Andrew and Ross fields.