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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (848)11/7/1996 6:23:00 AM
From: Kerm Yerman   of 24925
 
TOP TWENTY SELECTION UPDATE

Thursday, November 7, 1996

Trend Continues
Morrison to spin non-core assets into $200M trust
I view this as very positive news.--Kerm

Morrison Petroleums Ltd. is planning to wrap some of its non-core assets into an income trust offering worth an estimated $200 million.
Gordon Stollery, chairman and chief executive of the Calgary-based oil and gas company, said yesterday that Morrison was a month away from the offering, which would spin earnings from assets off to investors.
The offering would include an Alberta natural gas processing plant that Morrison has announced it is acquiring for $120 million from Canadian Gas Gathering Systems Inc.
The Nevis plant, 65 kilometres east of Red Deer, Alta., processes 125 million cubic feet of sour and sweet natural gas into natural gas, natural gas liquids and sulphur. Morrison is already the manager of the plant and holds a 5.1% interest in CGGS.
"We have surplus assets that are not core to our main oil and gas business," Stollery said. "But they're excellent assets and our strategy is to monetize them. It helps our balance sheet, we continue to manage the assets and investors can get a higher rate of return than with other securities."
He said it has not decided what other properties will be included in the income trust but it will probably include other gas plants and pipeline assets. Morrison shares (MRP/TSE) closed at $9.50 yesterday, down 10ó.
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