MERGERS-ACQUISITIONS / Centennial Energy Partners: Announcement
JULY 2, 1998
NEW YORK, NEW YORK--Centennial Energy Partners, L.P.,
Tercentennial Energy Partners, L.P., Quadrennial Partners, L.P.,
Centennial Overseas Fund, Ltd., (with respect to shares held in a
discretionary account managed by Centennial Management, L.L.C.)
and Joseph H. Reich & Co., Inc., (with respect to shares held in a
discretionary account managed by it) (collectively the "Reporting
Persons") announce that they acquired 300,000 common shares of
Magin Energy, Inc. on June 29, 1998 through the facilities of The
Toronto Stock Exchange. Centennial Energy Partners, L.L.C. is the
General Partner of Centennial Energy Partners L.P., Tercentennial
Energy Partners, L.P., and Quadrennial Partners, L.P. The
principal members of Centennial Energy Partners, L.L.C. are also
the principal members of Centennial Management, L.L.C. and the
executive officers of Joseph H. Reich & Co., Inc.
The purchase by the Reporting Persons of common shares of Magin
Energy, Inc. is for the purpose of investment. As a result of
their normal course purchases, the Reporting Persons currently own
in the aggregate 1,831,445 common shares of Magin Energy, Inc.,
representing 10.80 per cent of the issued and outstanding common
shares. The Reporting Persons may continue to purchase common
shares of Magin Energy, Inc. for investment purposes, depending on
the market conditions for shares of Magin Energy, Inc. and other
factors.
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