Shares in Petro-Canada, Canada's state oil company, will go on sale as early as next April. Petro-Canada Chairman Bill Hopper hopes to improve the Calgary company's financial picture in the meantime. Petro Canada has long term debt of about $1.2 billion and reported earnings of $25 million for the 6 months ended June 30. An initial share offering will involve about 15% of the company. Ownership by any individual will be limited to 10% and foreign ownership to 25%.
Shares in Petro-Canada, Canada's state oil company, will go on sale as early as next April.
Petro-Canada Chairman Bill Hopper hopes to improve the Calgary company's financial picture in the meantime. Petro Canada has long term debt of about $1.2 billion and reported earnings of $25 million for the 6 months ended June 30. An initial share offering will involve about 15% of the company. Ownership by any individual will be limited to 10% and foreign ownership to 25%.
Hopper said expected proceeds of about $500 million from a sale would strengthen the company and allow it to be more aggressive on some of its frontier projects.
Copyright 1990 Oil & Gas Journal. All Rights Reserved.
