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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (10197)	4/20/1998 3:29:00 PM
From: Kerm Yerman	Respond to of 15196

PIPELINES / IPL Energy Athabasca Pipeline Approved IPL ENERGY INC. TSE, ME SYMBOL: IPL NASDAQ SYMBOL: IPPIF APRIL 20, 1998 IPL Energy Subsidiary Receives Approval For Athabasca Pipeline CALGARY, ALBERTA--(April 20, 1998) Wild Rose Pipe Line Inc., a wholly-owned subsidiary of IPL Energy Inc., has received approval from the Alberta Energy and Utilities Board to proceed with construction of the Athabasca pipeline project to transport heavy crude oil from the Athabasca and Cold Lake regions of Alberta to Hardisty, Alberta. At Hardisty, the line will connect with other carriers, including Interprovincial Pipe Line Inc., another wholly-owned subsidiary of IPL Energy. Brian F. MacNeill, President and Chief Executive Officer, of IPL Energy Inc. said that regulatory approval of the Athabasca pipeline, estimated to cost $475 million, clears the way for rapid completion of the project to provide transportation for expanding volumes of synthetic oil production. "Pipe for the 30 inch diameter line has been pre-ordered with an anticipated in service date by the end of the first quarter of 1999. A 30-year arrangement with Suncor Energy Inc. ensures that IPL Energy receives an acceptable return on its investment while providing the scope for enhanced returns when additional shippers are attracted in the future. It is expected that the Athabasca pipeline will be a significant and continuing contribution to IPL Energy's earnings growth for many years," Mr. MacNeill said. Richard L. George, President and Chief Executive Officer of Suncor, said the arrangement with IPL Energy is a significant milestone for Suncor. "Working in cooperation with IPL Energy, we are opening a doorway to our growth - a pathway for our future production to reach new markets." Suncor plans to more than double its oil sands production to 210,000 barrels per day by the year 2002. Wild Rose Pipeline will ensure consistent, reliable delivery of Suncor's products to customers throughout North America, and allows Suncor to focus its resources and efforts in areas where we can be most effective, Mr. George said. With an operating capacity of 570,000 barrels per day, the line will commence north of Fort McMurray and extend approximately 330 miles southward to Hardisty. The line will be constructed and owned by Wild Rose Pipe Line but will initially be operated by Suncor, the initial shipper on the pipeline. IPL ENERGY INC. is a leader in energy delivery and services, operating the world's longest crude oil and liquids pipeline through the combined Interprovincial Pipeline Inc. and Lakehead Pipe Line Partners, L.P. system, and Canada's largest natural gas distribution company through The Consumers' Gas Company Ltd. which serves 1.4 million residential, commercial and industrial customers in south central and eastern Ontario, Quebec and Upper New York State. IPL Energy's common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL". In the United States the shares trade on The NASDAQ National Market under "IPPIF". Lakehead's preference units trade on the New York Stock Exchange under "LHP".