ALBERTA GAS INTEREST WILL SHIFT OWNERS

Shell Canada Resources Ltd. has agreed to pay Gulf Canada Resources Ltd. about $100 million for Gulf's interest in Caroline sour gas field, 70 miles northwest of Calgary. The field, under development, has estimated reserves of 2 tcf. The deal will increase Shell's interest to about 70% from 61%. The exact percentage of Gulf's working interest will be determined by a Gulf-Shell well being drilled and scheduled for completion in March when the sale is to be closed. Gulf said it also

Jan. 14, 1991

Shell Canada Resources Ltd. has agreed to pay Gulf Canada Resources Ltd. about $100 million for Gulf's interest in Caroline sour gas field, 70 miles northwest of Calgary.

The field, under development, has estimated reserves of 2 tcf. The deal will increase Shell's interest to about 70% from 61%.

The exact percentage of Gulf's working interest will be determined by a Gulf-Shell well being drilled and scheduled for completion in March when the sale is to be closed.

Gulf said it also is talking to potential buyers of its 2% overriding royalty interest not included in the Shell deal.

Shell and partners are spending about $825 million to place the field on stream by the end of 1992.

Other interests in Caroline are Husky Oil Ltd. 11.6%, Union Pacific Resources Ltd. 6.7%, and 10 other companies with combined holdings of 12%.