ENERGY FUNDS / NCE Petrofund (NCF.UN) TSE/ME Normal Course Issuer Bid
TSE, ME SYMBOL: NCF.UN
FEBRUARY 3, 1999
TORONTO, ONTARIO--
John Driscoll, President of NCE Petrofund, announced today that,
NCE Petrofund (the "Fund") intends to purchase up to 10 percent
(4,870,790 trust units) of its public float in connection with a
normal course issuer bid. As at the close of business on January
29, 1999 there were 48,812,696 units of the Fund issued and
outstanding. All units purchased pursuant to the bid will be
cancelled.
Bid period
The bid will commence February 5, 1999, and will remain open until
the close of business on February 4, 2000, unless terminated
earlier by the Fund.
TSE / ME unit purchases
The normal course issuer bid will be made through the facilities
of The Toronto Stock Exchange and Montreal Exchange from time to
time during the 12-month period beginning on the date of
acceptance of the bid by the exchanges.
Units undervalued
The Board of Directors of NCE Petrofund Management Corp., the
manager of the Fund, believes the trust units, which are currently
trading at a significant discount to net asset value, are
under-valued.
NCE Petrofund
NCE Petrofund is a member of NCE Resources Group which was formed
in 1984 as an oil and gas investment management organization. NCE
investment funds have interests in over 5,000 wells. NCE employs
approximately 130 people in the areas of engineering, land
management, marketing, geology, accounting, finance and investor
relations. It provides a full range of technical, operational,
administrative and investor services.
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