PRESS RELEASE: Gulf Indonesia announces 2001 analyst visit on January 15th, 16th and 17th

Gulf Indonesia Resources Limited (GRL: NYSE), a 72 per cent subsidiary of Gulf Canada Resources Limited (GOU: TSE, NYSE), announced today that it is hosting a visit for 15 investment analysts from North America and Asia on January 15th, 16th, and 17th, 2001.

The analyst visit will include the ceremony to celebrate the first gas deliveries from Indonesia to Singapore hosted by Pertamina and SembCorp Gas on January 15th in Singapore. A Corporate Presentation will be made in Jakarta on January 16th followed by a field trip to the Grissik Gas Plant in South Sumatra on January 17th. Two brief presentations will be made at the plant regarding the Corridor Gas Project and South Sumatra Gas Development plans.

Copies of each of these presentations will be available in the Investor Relations section of Gulf Indonesia's website at www.gulfindonesia.com concurrently with the live presentation times in Indonesia. The Corporate Presentation will take place at 11.00 p.m., Mountain Standard Time on Monday the 15th and the Plant presentations will be at 11.00 p.m. MST on the 16th.

Gulf Indonesia Resources Limited, headquartered in Jakarta, Indonesia, is an independent upstream oil and gas company which is traded publicly on the New York Stock Exchange under the ticker symbol GRL. Gulf Indonesia is 72 per cent owned by Gulf Canada Resources Limited, which is a Canadian based independent exploration and production company with primary operations in Western Canada, Indonesia, the Netherlands and Ecuador. Gulf Canada's shares are traded on the Toronto and New York Stock Exchanges under the ticker symbol GOU.

Contacts: Gulf Indonesia Resources Limited, Glen Valk, Manager, Investor Relations, 62-21-575-4146 (Jakarta), E-mail: Glen_Valk@gulf.ca, Website: www.gulfindonesia.com; Gulf Canada Resources Limited, David Carey, Director, Investor Relations, 1-403-233-3427 (Calgary), E-mail: David_Carey@gulf.ca, Website: www.gulf.ca (*)