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To: TobagoJack who wrote (33059)	5/6/2003 7:30:04 PM
From: energyplay	Read Replies (2) \| Respond to of 74559

NCE Petrofund Increases Cash Distribution to $0.18 Per Unit in May 2003 Tuesday May 6, 1:02 pm ET CALGARY, Alberta--(BUSINESS WIRE)--May 6, 2003--NCE Petrofund (AMEX: NCN - News; TSX: NCF.UN - News) Distribution details NCE Petrofund announced today the Trust's cash distribution in May has increased to C$0.18 per unit. The increase reflects the relatively strong commodity prices experienced recently and is in accordance with our policy of providing a stable distribution profile. The distribution details are: -0- Distribution Record Date Ex-Distribution Date Payable Date C$0.18 per unit May 15, 2003 May 13, 2003 May 30, 2003 US$ equivalent The distribution is payable in U.S. currency for investors residing in the United States. Based on an exchange rate of C$1.4132/US$1.00, the May distribution would be US$0.1274 per unit. The exact exchange rate will be calculated on the date of record (May 15, 2003). Cash-on-cash yield NCE Petrofund's 12-month trailing distributions (May 2003 inclusive) are C$1.84 per unit, which represents a cash-on-cash yield of 17.0% based on the closing price of C$10.81 per unit on the Toronto Stock Exchange on May 5, 2003. Cash flow available for distribution Petrofund's distribution policy includes a provision that allows the Trust to allocate a portion of its distributable cash flow for purposes designed to provide greater stability to distributions and less volatility to the unit price. This also allows the Trust to apply a portion of distributable income to finance capital development projects designed to maintain the long-term health of the Trust. Over the second half of 2002, a total of $10 million was allocated to fund these projects, and an additional $7.5 million will be similarly allocated in the first quarter of 2003. As at December 31, 2002, the net amount of undistributed cash, excluding payable distributions for January and February, was $13.3 million. A further update on this cash position, and the allocation of funds from it, will be included in our first quarter report, which is anticipated to be released on May 26, 2003. NCE Petrofund NCE Petrofund is a royalty trust that acquires and manages producing oil and gas properties in Western Canada. The Trust derives its income from these properties and distributes the resulting cash flow to unitholders on a monthly basis. NCE Petrofund was founded in 1988 and was one of the first oil and gas royalty trusts in Canada.