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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14384)12/18/1998 2:21:00 AM
From: Kerm Yerman  Read Replies (3) of 15196
 
ENERGY TRUSTS - MISC / First Premium Oil & Gas Income Trust - Declares
Year End Income Distribution

FIRST PREMIUM OIL & GAS INCOME TRUST
TSE, ME SYMBOL: FPG.UN
DECEMBER 17, 1998

TORONTO, ONTARIO--First Premium Oil & Gas Income Trust has
declared a quarterly income distribution of C$0.1875 per Unit
payable December 31, 1998 to holders of record on such date. This
distribution will ensure that the Trust distributes sufficient of
its net income and net realized capital gains for 1998 so that it
will not be liable for tax. The amount of the distribution may
therefore be subject to minor adjustment.

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 will 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.
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