1
EXHIBIT NO. 99.1
Contact: MaryJane Mudd
(281) 293-5778
CONOCO CANADA RESOURCES LIMITED COMMENCES TENDER OFFER FOR FOUR SERIES OF NOTES
CALGARY, Alberta (Sept. 20, 2001) -- Conoco Canada Resources Limited (formerly
named Gulf Canada Resources Limited) (NYSE:CNKPRA) (TSE:CNK.PR.A), a subsidiary
of Conoco Inc. (NYSE:COC.A) (NYSE:COC.B), today announced that Conoco Canada
Resources has commenced a tender offer for all its outstanding 8.375% Senior
Notes due 2005, 8.35% Senior Notes due 2006, 7.125% Notes due 2011, and 8.25%
Senior Notes due 2017. The offer will expire at 5 p.m., New York City time, on
September 27, 2001, unless extended or earlier terminated. Salomon Smith Barney
is acting as dealer manager for the 2006 Notes and the 2017 Notes; and Credit
Suisse First Boston is acting as dealer manager for the 2005 Notes and the 2011
Notes. Mellon Investor Services is the information agent for the offer.
Under the terms of the offer, which commenced today, Conoco Canada Resources
will repay outstanding Notes of each series tendered for repayment in the offer
by delivering an amount of cash determined by reference to a fixed spread of the
number of basis points set forth in the table below over the yield to maturity
of the United States Treasury reference security set forth in the table, at the
time the holder agrees to tender its Notes. The repayment amount, plus accrued
interest to the date of repayment, will be paid in U.S. dollars on the third New
York Stock Exchange trading day following the date on which Notes are tendered.
<Table>
<Caption>
Principal Amount Fixed Spread
Outstanding Title of Securities CUSIP Number (in basis points) UST Reference Security
----------------------- --------------------- -------------------- --------------------- ---------------------------
$200,000,000 8.375% Senior 40218LAJ6 60 bps 5.875% Notes due November
Notes, due 2005 15, 2005
----------------------- --------------------- -------------------- --------------------- ---------------------------
$250,000,000 8.35% Senior Notes 40218LAE7 65 bps 4.625% Notes due
due 2006 May 15, 2006
----------------------- --------------------- -------------------- --------------------- ---------------------------
7.125% Notes 5.000% Notes due August
$300,000,000 due 2011 40218LAK3 105 bps 15, 2011
----------------------- --------------------- -------------------- --------------------- ---------------------------
8.25% Senior Notes 6.250% Notes due
$225,000,000 due 2017 40218LAH0 110 bps May 15, 2030
----------------------- --------------------- -------------------- --------------------- ---------------------------
</Table>
This press release is neither an offer to repay nor a solicitation of an offer
to tender the Notes for repayment. The offer is made only by the Offer to Repay
dated September 20, 2001. Persons with questions regarding the offer should
contact the Mellon Investor Services toll free at (866)
2
323-8159; Salomon Smith \Barney toll free at (800) 558-3745, or collect at (212)
723-6106; or Credit Suisse First Boston toll free at (800) 820-1653.
Conoco Canada Resources is a Canadian-based exploration and production company
with primary operations in Western Canada, Indonesia, the Netherlands and
Ecuador.
Conoco is a major, integrated energy company active in more than 40 countries.
# # #
9/20/01
http://www.conoco.com