GULF CANADA AND HOME OIL AGREE TO MERGE

Gulf Canada Resources Ltd. and Home Oil Ltd., both of Calgary, have agreed to merge in a $492 million deal. Gulf will buy a 22.8% interest in Interhome Energy Inc., Home's parent, from Imperial Oil Ltd., Toronto. Gulf and Home will then merge. Interhome also owns Interprovincial Pipe Lines Ltd., Edmonton, which operates a major crude oil pipeline from Alberta to Central Canada. The merger will create a firm that will be third in crude oil production and fifth in natural gas production in

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