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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (11450)6/25/1998 11:57:00 AM
From: Kerm Yerman  Read Replies (1) of 15196
 
ENERGY TRUSTS / Starcor Energy Royalty Fund Acquires Additional Interest
In Existing Property

STARCOR ENERGY ROYALTY FUND ANNOUNCES ACQUISITION OF NATURAL GAS
PROPERTIES

CALGARY, June 24 /CNW/ - Starcor Energy Royalty Fund (TSE - STR.UN)
announced today that it has entered into an agreement to acquire additional
natural gas royalty and working interests in its existing lands and in new
lands at its Jenner property in Southern Alberta.

The combined royalty and working interest reserves to be acquired total
18.9 billion cubic feet of proven natural gas with a reserve life index of
approximately 18.7 years. Starcor will acquire an average 84% working
interest in 116 producing gas wells directly offsetting existing operations
plus an existing overriding royalty on 126 Starcor 100% working interest
wells. Starcor will also acquire the remaining 51% working interest in the
Wardlow gas plant bringing its interest to 100%. The plant has a capacity of
13 MMCF/d.

Purchase price is $11.2 million which will be funded using existing bank
lines. The transaction is expected to close July 29, 1998.

Starcor is an open ended royalty trust which makes regular monthly
distributions and trades under the Toronto Stock Exchange symbol of STR.UN.

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