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Gold/Mining/Energy : KERM'S KORNER
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To: SofaSpud who wrote (10781)5/19/1998 9:05:00 PM
From: Herb Duncan  Read Replies (1) of 15196
 
ENERY TRUSTS / First Premium Oil & Gas Income Trust Announces 1997
Results

TSE, ME SYMBOL: FPG.UN

MAY 19, 1998



TORONTO, ONTARIO--First Premium Oil & Gas Income Trust announces
results for the period from commencement of operations March 12,
1997 to December 31, 1997. Total results from financial
operations amounted to ($4.7) million or ($1.09) per unit which
includes both realized and unrealized capital gains and losses.
Net assets decreased from $51.1 million to $42.2 million.
Distributions to Unitholders amounted to $2.6 million or $0.60 per
unit from realized investment income.

First Premium Oil & Gas Income Trust's investment objectives are
to provide Unitholders with a stable stream of quarterly
distributions of at least $ 0.1875 per Unit. The Trust intends to
achieve its investment objectives by investing in a diversified
portfolio consisting primarily of common shares issued by
corporations that are included in the TSE 300 Oil & Gas Sub-Index
and up to 20 percent of the cost amount of its assets in common
shares issued by corporations that are included in the Standard &
Poor's 500 Oil & Gas Sub-Index. In either case, in order to
generate returns above the dividend income generated by the
portfolio, the Trust may write covered call options in respect of
all or part of the securities in the portfolio.

The Trust's investment portfolio is managed by it's investment
manager, Mulvihill Capital Management. Trust Units are listed on
The Toronto Stock Exchange and The Montreal Exchange under the
symbol FPG.un

/T/

Selected Financial Information:
($ millions unless stated otherwise)

Statement of Net Assets 1997
----

Assets $43.7
Liabilities 1.5
-----
Net Assets (Unitholders Equity) $42.2
-----

Statement of Financial Operations (from inception):

Income $ 0.8
Expenses 0.7
-----
Net Investment Income 0.1
Net Loss on Investments (4.8)
-----
Total Results from Financial Operations ($4.7)
-----
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