WESTCOAST PROPOSES TO ACQUIRE NUMAC

Westcoast Petroleum Ltd., Calgary, plans to acquire Numac Oil & Gas Ltd., Edmonton, in a trade valued at about $239 million (Canadian). Numac Pres. Stewart McGregor said the combined company will be large enough to expand Westcoast's operations in Indonesia and Libya and to consider prospects in China. The deal would give the merged company production of 18,028 b/d of oil and 113.4 MMcfd of gas. It would have combined reserves of 72.9 million bbl of oil and 738.3 bcf of gas. Westcoast

June 7, 1993

Westcoast Petroleum Ltd., Calgary, plans to acquire Numac Oil & Gas Ltd., Edmonton, in a trade valued at about $239 million (Canadian).

Numac Pres. Stewart McGregor said the combined company will be large enough to expand Westcoast's operations in Indonesia and Libya and to consider prospects in China.

The deal would give the merged company production of 18,028 b/d of oil and 113.4 MMcfd of gas. It would have combined reserves of 72.9 million bbl of oil and 738.3 bcf of gas.

Westcoast plans to pay one of its shares for each of Numac's 33 million shares.

Numac would retain its name but move its headquarters to Calgary.

The planned purchase is the latest move by a group of Hong Kong investors to participate in the Canadian oil industry. The group earlier paid $70 million for a 39% interest in Numac and $247.5 million for a 100% interest in Westcoast Petroleum, formerly a unit of Westcoast Inc., Vancouver, B.C.