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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (8565)1/20/1998 8:08:00 PM
From: Herb Duncan   of 15196
 
PROPERTY ACQUISITION / Shiningbank Energy Announces Acquisitions

TSE SYMBOL: SHN.UN

JANUARY 20, 1998


CALGARY, ALBERTA--Shiningbank Energy Income Fund today announced
five property acquisitions which have closed in the last month or
are expected to close in the near future. The acquisitions
consist of increased working interests in two previously owned
properties together with interests in additional Alberta
properties at Penhold, Strachan and Doe Creek. Shiningbank will
operate 65 percent of these long life producing properties which
are located in and adjacent to its core area of west-central
Alberta. In addition, approximately 11,000 net acres of
undeveloped land were acquired with these transactions.

The additional interests acquired total $12.6 million and have
added 2.3 million barrels of oil equivalent established reserves
(proven plus 50 percent probable). Approximately 85 percent of
the reserves are natural gas. The acquisitions will add an
estimated 475 barrels of oil equivalent per day to production in
1998, an increase of 14 percent over projected 1998 base
production levels. The additional reserves replace more than 140
percent of anticipated 1998 production and are expected to
increase 1998 net operating income by approximately $3.0 million.
The purchases will be funded using existing bank credit
facilities.

Shiningbank Energy Income Fund is a conventional oil and gas
royalty trust with 7.489 million units issued and is listed on The
Toronto Stock Exchange under the symbol "SHN.UN".
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