Gulf Canada Resources US$300 Million IPO

On January 10, 2001, Gulf Canada Resources Limited (Gulf Canada), fresh off its acquisition of Crestar Energy Inc. in November 2000, completed a public offering of US$300 million of 7.125 per cent Senior Notes due 2011 (the Notes). The Notes were sold in the United States under an MJDS offering with Salomon Smith Barney Inc. and Goldman, Sachs & Co. as the lead underwriters, and Merrill Lynch & Co., Inc., BMO Nesbitt Burns Inc., Banc of America Securities LLC and ABN AMRO Incorporated as co-managers.

The Notes have a rating of Baa3 from Moody’s Investor Services, Inc., BBB from Standard & Poor’s Corporation and BBB(low) from Dominion Bond Rating Services Limited. Proceeds from the offering will be used to redeem Gulf Canada’s 9.25 per cent Subordinated Debentures. Gulf Canada is a Canadian-based independent exploration and production company with primary operations in western Canada, Indonesia, the Netherlands and Ecuador.

Gulf Canada was represented by Noralee Bradley, Phil Backman and Took Whiteley of Bennett Jones LLP (Calgary), Guy Young and Judithe Little of Haynes and Boone, LLP (Houston) and Alan Scott, Assistant General Counsel and Corporate Secretary for Gulf Canada. The underwriters were represented by Mark Kelly and Caroline Blitzer of Vinson & Elkins LLP (Houston).