TORONTO--(BUSINESS WIRE)--June 6, 2001--NCE Petrofund (AMEX:NCN - news; TSE:NCF.UN. - news) is pleased to announce that the June distribution for the Trust is 15 cents (CDN$0.15) per unit, which consists of seven cents (CDN$0.07) regular monthly distribution, and an additional distribution of eight cents (CDN$0.08) per unit resulting from strong oil and gas prices and higher production levels.
U.S. equivalent
Based on an exchange rate of CDN$1.50/US$1.00, the June distribution would be US$0.10 per unit. The exact exchange rate is calculated on the date of record (June 15, 2001).
Payable date
The distribution is payable on June 29, 2001 to holders of record on June 15, 2001.
Increased distributions
The 12-month trailing distributions (June 2001 inclusive) are CDN$1.56 per unit, which represents a yield of 21.85% based on the June 5, 2001 price of CDN$7.14 per unit.
Price on TSE/AMEX
The price for NCE Petrofund on The Toronto Stock Exchange at the close of the market on June 5, 2001 was CDN$7.14 per unit. The price for NCE Petrofund on the American Stock Exchange on June 5, 2001 was US$4.68 per unit.
NCE Petrofund
NCE Petrofund is an income trust designed to acquire oil and gas properties through the acquisition of oil and gas assets. The resulting cash flow from these properties is distributed to unitholders on a monthly basis.
Note for Investors
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties.
For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995. The Trust cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the Trust currently foresees. Discussion of the various factors that may affect future results is contained in the Trust's recent filings with the Securities and Exchange Commission, the Ontario Securities Commission and SEDAR.
NCE Resources Group
NCE Petrofund is a member of NCE Resources Group. NCE Resources Group was formed in 1984 as an oil and gas investment management organization. The company has invested or manages the investment of over CDN$1.3 billion on behalf of approximately 70,000 investors. NCE employs approximately 170 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor services.
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Contact:
NCE Petrofund
Investor Services, 416/364-9297 or 888/739-4623
E-mail: info@nceresources.com
or
NCE Petrofund
Jim Wright, 416/364-8788 or 800/563-4623
Website: www.nceresources.com
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