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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (843)11/6/1996 2:31:00 PM
From: Kerm Yerman   of 24921
 
TOP TWENTY SELECTION UPDATE

MORRISON PETROLEUMS LTD. TO ACQUIRE NEVIS GAS PLANT

CALGARY, Nov. 6 /CNW/ - MORRISON PETROLEUMS LTD. (``Morrison'') is
pleased to announce that it has entered into an agreement to acquire a 100
percent interest in the Nevis Gas Plant and related facilities from CGGS
Canadian Gas Gathering Systems Inc. (``CGGS''). The acquisition is subject to
the approval of the shareholders of CGGS. Morrison currently manages the Nevis
Gas Plant on behalf of CGGS.
The Nevis Gas Plant is located 40 miles east of Red Deer, Alberta, and
currently processes approximately 125 million cubic feet per day of both sour
and sweet gas into residue gas, propane, butane, condensate and sulphur. The
plant, which draws production from 11 producing areas through a 220-mile
gathering system, is the only major sour gas processing plant within a 47-mile
radius and services over 130 different producers and approximately 1,000
wells.
The purchase price of $120 million will be financed initially through
Morrison's banking facility with two Canadian chartered banks. Morrison is
reviewing various alternatives in relation to the acquisition of the Nevis Gas
Plant, including the possibility of establishing an Income Trust to acquire
the plant from Morrison.
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