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SHELL CANADA NOW 100% OWNER AT PEACE RIVER

Sept. 28, 1992

Shell Canada Ltd., Calgary, has purchased full ownership in its oilsands operation in Alberta. It acquired Pecten Canada Ltd., an investment unit owned by Shell Petroleum Inc. of the U.S. Pecten was 50-50 partner with Shell Canada in a 10,000 b/d oilsands plant near Peace River, Alta. The purchase also covered Pecten's 50% interest in about 123,500 acres of oilsands leases in the Athabasca area of Northeast Alberta and 197,600 acres in the Peace River area of western Alberta.

Shell Canada Ltd., Calgary, has purchased full ownership in its oilsands operation in Alberta.

It acquired Pecten Canada Ltd., an investment unit owned by Shell Petroleum Inc. of the U.S. Pecten was 50-50 partner with Shell Canada in a 10,000 b/d oilsands plant near Peace River, Alta.

The purchase also covered Pecten's 50% interest in about 123,500 acres of oilsands leases in the Athabasca area of Northeast Alberta and 197,600 acres in the Peace River area of western Alberta.

"This acquisition strategically positions Shell Canada to further capitalize on the potential for oil recovery from the Peace River/Athabasca area if and when technology and economics make it attractive," said Robert F. Taylor, executive vice-president of Shell Canada Resources.

Shell Canada figures its Peace River leases alone hold 14 billion bbl of bitumen in place, making it a core property. Site is about 500 km northwest of Edmonton.