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CIC SELLS WASCANA SHARES TO CANADIANOXY

Released on April 15, 1997

Crown Investments Corporation (CIC) Minister Berny Wiens announced

today that the government, through CIC, has agreed to tender its

5.8 million shares in Wascana Energy Inc. to Canadian Occidental

Petroleum Ltd. (CanadianOxy) at $20.50 per share.



"This sale will yield $119.8 million," Wiens said. "Since CIC's

carrying value of the shares is $63.4 million, the corporation will

realize a gain on sale of $56.4 million less fees.



"In keeping with the provisions of the Balanced Budget Act, 1995, the

proceeds of the sale will be used by CIC to pay down debt.



"I have said, from the outset, that the role of the government in this

issue was twofold: to ensure that the people of Saskatchewan get the

best possible return on their investment and to ensure that the Wascana

Energy Inc. Act, 1996, is complied with.



"We have met the first goal by the tendering of our share that I am

announcing today. In the opinion of our independent financial

analysts, as well as my officials at CIC, this sale will maximize our

return," Wiens said.



CanadianOxy has made a commitment that it will abide by both the letter

and the spirit of the Wascana Energy Act. It will operate Wascana out

of Regina as a wholly-owned subsidiary, in charge of all the combined

western Canadian conventional oil and gas assets. It will maintain the

Regina head office and all the jobs both there and in rural

Saskatchewan. The Board of Directors of Wascana will continue to be

composed of at least 50 per cent Saskatchewan residents.



"I think CanadianOxy's investment here is going to be good for the

corporation and good for the province," Wiens said. "As well as

agreeing to abide by the Wascana Energy Act, CanadianOxy has made a

number of other commitments to the people of Saskatchewan."



CanadianOxy has agreed to provide a $1 million endowment for research

in the field of oil and gas recovery and will annually provide two

$5,000 bursaries to First Nation students pursuing studies in oil and

gas. As well it has agreed to maintain the same level of charitable

donations in the province currently being made by Wascana.





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For more information, contact:



John Millar

CIC

Regina

Phone: (306) 787-9039

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