B10 - Sunday, May 20, 1984 - North Shore News

I ato a

PLANNED MOVE BY COMPANY
Gulf pursuing Canadian dream

ONE POSSIBLE outcome of
a change in majority owner-
ship of Gulf Canada is that
the company could become
Canadian, Gulf Canada
President John L. Stoik told
the company’s annual
meeting in Toronto.

Stoik said that Canadian-
ization is a goal Gulf Canada
has been pursuing for the
past several years and it
would allow the company to
explore a number of growth
opportunities that are not
presently open because of
various federal regulations.

He stressed that the owner-
ship question — while signift-
cant —- is just another ele-
ment in the environment of
change to which the company
has been adapting, and that
Gulf Canada will continue to
build on its strengths and
pursue a *‘business-as-usual”’

philosophy.

‘‘Few resource companies
are as well or better position-
ed than is Gulf Canada,”’
said Stoik. ‘“‘Our long-
standing strategy of building
a large and diversified land
position while carrying out

an active exploration and
development program has
given us a number of
advantages."’

‘‘In 1983," Stoik said, ‘'we

were the industry leader in
exploration and development
drilling in the Western pro-
vinces and made a number ot
rewarding oil and gas
discoveries.”’ He added that
““by moving quickly to tie
these new discoveries to ex-
isting processing and
transportation facilities, we
are adding significantly to
earnings.”’ Gulf Canada will
make more than half of its

1984 exploration expendi-
tures in Western Canada.

In the longer term, Gulf
Canada is well positioned for
the frontier and oil sands
developments — ‘‘develop-
ments that we continue to
believe will be the key to the
future of the petroleum in-
dustry — and can play a vital
role in helping to get the
country going again.’”’

Reaffirming Gulf
Canada’s commitment to the
frontiers, Stoik emphasized
that the nation’s present oil
supply situation is temporary
and that *‘Canada’s conven-
tional producing area is ina
state of inevitable decline -
every hour, every day, every
month, every year.’’ He said
that ‘‘by the end of the
decade we will be using bet-
ween 200 and 400 thousand
barrels per day more than we

are producing.’”’

Stoik stressed the need in
Canada for the development
of an orderly long-term
energy resource development
Strategy, and the need for
changes to the National
Energy Program. Specifically
these changes include:

- eliminating the
discriminatory aspects of the
petroleum incentives
payments system and the in-
troduction of a system that
treats companies equitably.
eliminating the provision
aspects of the petroleum in-
centives retroactively  con-
fiscate 25 per cent of
discoveries, and
- changing the system that
allows money to be taxed
away from the tndustry
before it can be invested in
projects that could be
creating jobs.

SALE PRICES VALID ONLY TILL
THUR. MAY 31-6 P.M.

Drive away ina new 84 ALLIANCE or ENCORE

for as little as

or the equivalent tax

on your purchase up to 48 months
SPECIAL FINANCING OAC

“Free Stereo with every purchase”’

Stoik said that ‘‘in
retrospect, it was not just
that the National Energy

Program imposed some crip-
pling laws on the one in-
dustry that could be helping
to speed economic
recovery,’’ but the NEP
*‘was symptomatic of a more
fundamental malaise — that
malaise being the philosophy
of policy formulation by
confrontation’’ rather than
by consultation. ‘‘It is this at-
titude, in the longer swing of
things, that could most effec-
tively prevent us from realiz-
ing Our potential as a
nation.”’

He said that while there
have been encouragiug signs
lately, ‘‘we are soing to need
a lot of yovernment/in-
dustry/labor co-operation if
we are going to deal effective-
ly with continued dislocation,

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restructuring and the need
for ongoing restraint as we
continue to emerge from the
recession. Success will re-
quire a changed state of mind
on the part of a lot of
people.’’

Gulf Canada Limited's
1984 first quarter earnings
are $73 million, comparied
with $68 million earned in the
first quarter of 1983. The
company also has declared a
second quarter dividend of 13
cents per common. share.

This compares with the 11
cents per share paid over the
past few years and in the first
quarter of this year.

Tire
tips

THE CONDITION of the
tires on the used car can tell
potential buyers a great deal
about the car.

Excessive or uneven tread
wear can indicate such maia-
dies as poor alignment, faulty
shock absorbers, worn steer-
ing gear or incorrect inflation
pressures. ‘‘Those problems
don’t rectify themsleves,
therefore, a trip to a profes-
sional garage or tire and
alignment specialist may be
called for,’’ advises Jack
Cape, manager of product
service for BFGoodrich
Canada Inc.

To assist consumers who
may not know a lot about
tures BFGoodrich has com
piled the answers to some of
the most commonty asked
tire queshions

How do you check tires?

Certainty not by kicking
the tires all that) accom
plishes is a sore foot You
should perform oa careful
Visualinspection, looking tor
excessive cracking, buldpes
or cuts particularly in the
sidewall Both sides of all
tires, ine ladiag the spare
should be inspected fn the
tread atea assure yoursell

(hat wear is not crxacessive of

uneven Also check fo see if
there a evidemee otf any
repairs or math on debrrs am
bedded tn the tread

It the Gbes appear soft,
they may be undermunflatcd,
this as common partrularty
with cars that have been

stored oF satin one spot for
Jorg periods Tt ors iipoetane
Het to drive on uodermotlated
fires as that Could serrousty
damage the tire of attect the
Handling. cide and safety ol

the velba le

How do lo keep tires pre
peely inflated”

The only sure way of heeqe
sip fares at there proper watla
PYM US Ler trent Lit a preosoed ante
pressure Mibatgee

Nave a peu

fossrotial Stow yon bearw ore
use ot Phen pertorm cepudar
cheeks Weekly as best ture of
not thes at deast one oa
ranch Ptye aeteornerbi de
Owner s tidied wall ceccun
mend a pressure setting bor
the original tires Hawesves sf

thtes sizes have been changed

Then most thee proheysioeals

will tase charts strowrrig cone

tect qoflatton pecssures