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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (1498)12/5/1996 1:18:00 PM
From: Kerm Yerman   of 24927
 
ENERGY TRUST / ENERMARK INCOME FUND
ENERMARK CLOSES ISSUE

CALGARY, Dec. 5 /CNW/ - EnerMark Income Fund announces that it has closedan issue of 20 million Trust Units at C$7.55 each, for total proceeds of C$151million to a syndicate led by CIBC Wood Gundy Securities Inc.

Trust Unitholders acquiring Trust Units pursuant to this offering will be entitled to receive the next monthly cash distribution of $0.075 per Unit payable on December 20th, 1996.

The net proceeds of the offering will be used to fund EnerMark Inc.'s purchase of properties in the Giltedge area of Alberta, its 1997 capital expenditure program and reduce its bank indebtedness to approximately $45 million. The Giltedge acquisition was closed concurrently with the Trust Unit offering, having cleared all rights of first refusal.

For further information: Kelly I. Drader, Secretary, (403) 298-2200,
Fax: (403) 298-2211
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