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Gold/Mining/Energy : Superior Propane

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To: HiStakes who wrote (1)	7/16/1998 10:31:00 AM
From: HiStakes	Read Replies (1) of 15

Okay then, I guess I'll just talk to myself for awhile. SPF.IR up .35 so far today. SPF.UN up .60. News release just in: Canadian Company Press Release SPF.UN 1998-07-16 (provided courtesy of Canadian Corporate News.) register to receive future releases by email from CCN Superior Propane Negotiating to Acquire ICG Propane CALGARY, ALBERTA--Superior Propane Inc. announced today that it is conducting negotiations with Petro-Canada to acquire all of ICG Propane. The potential acquisition is subject to certain material conditions precedent which must be satisfied or waived prior to the execution of a formal Share Purchase Agreement. In particular, certain conditions pertaining to the Competition Act must be satisfied or waived prior to Superior executing a share purchase agreement with Petro-Canada. Superior has been in discussions with the Competition Bureau for several weeks and will be filing additional information to assist the Bureau in completing its review in a timely fashion. Superior believes that the proposed transaction will be beneficial to the Canadian energy industry as the transaction will significantly improve the efficiency of propane distribution in Canada. Propane represents approximately 2 percent of Canada's total energy requirements. Propane has been subject to enhanced competition from alternative fuel sources particularly given the consolidation in the fuel oil distribution business, from electricity as that industry is deregulated and from expanded natural gas distribution networks. In addition to fuel oil, electricity and natural gas, propane competes with wood as an energy source. Superior Propane Income Fund trust units and instalment receipts trade on The Toronto Stock Exchange under the trading symbols SPF.UN and SPF.IR, respectively. There are 45.7 million units outstanding. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Superior Propane Inc. Grant Billing Chairman & CEO (403) 231-0984 On Behalf of Superior Propane Income Fund or Superior Propane Inc. Mark Schweitzer Executive Vice-President & CFO (403) 231-0175 On Behalf of Superior Propane Income Fund or Superior Propane Income Fund Theresia Reisch Investor Relations (403) 231-0097 (403) 231-0986 (FAX) reischt@superiorpropane.com

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