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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (942)	11/15/1996 6:53:00 PM
From: Kerm Yerman	of 24925

TOP TWENTY UPDATE / MORRISON PETRLEUMS MORRISON PETROLEUMS LTD. CLOSES PURCHASE OF NEVIS GAS PLANT AND COMPLETES SALE OF INVESTMENT IN CGGS CALGARY, November 15 /CNW/ - MORRISON PETROLEUMS LTD. (``Morrison'') is pleased to announce that it has closed the previously announced acquisition of the Nevis Gas Plant and related facilities from CGGS Canadian Gas Gathering Systems Inc. (``CGGS''). The final purchase price was approximately $124 million. Morrison has managed CGGS since its inception and has operated the Nevis Gas Plant on behalf of CGGS since 1993. Following the sale of the Nevis Gas Plant, all of the outstanding shares of CGGS have been purchased by a third party. Morrison had a 5.1 percent equity interest in CGGS which increased to 18.3 percent following a payout, prior to completion of the share sale, of certain indebtedness owing to CGGS shareholders. As a result, Morrison received proceeds of approximately $23 million on the sale of its interest in CGGS. Morrison is continuing to review alternatives in relation to the Nevis Gas Plant, including the possibility of establishing an Income Trust to acquire the Plant from Morrison.

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