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

To: Herb Duncan who wrote (10866)	5/25/1998 5:00:00 PM
From: SofaSpud	Respond to of 15196

PIPELINES / Fort Chicago LP Q1 Results FORT CHICAGO ANNOUNCES ITS FIRST QUARTER RESULTS CALGARY, May 25 /CNW/ - << Income for three months ended March 31, 1998 Net income before equity income $ 3,124,685 Net income $ 4,432,705 Net income per Class A unit $0.07 Balance sheet as at March 31, 1998 Cash $339,742,141 Investment in Alliance $ 44,093,355 Partners' equity $383,687,963 Class A Units outstanding 65,995,369 >> We are pleased to report on the results of Fort Chicago Energy Partners L.P. for the first quarter ended March 31, 1998. During the quarter, Fort Chicago had earnings of $4.4 million or $0.07 per Class A Unit. These earnings included Fort Chicago's share of the earnings of the Alliance Projects of $1.3 million and $3.4 million in interest income less administration expenses of $0.3 million. At March 31, 1998, Fort Chicago held cash and short-term investments totaling $339.7 million to cover our future equity commitments to the Alliance Projects. The National Energy Board (NEB) hearings regarding the Alliance Canadian pipeline were concluded on May 21, 1998. The expected timing for final NEB approval remains the last quarter of 1998. The Projects are proceeding on track to begin construction of the Alliance Pipeline once the final approvals are received. A recent court case has cast some doubt on the ability of Mutual Fund Trusts to own units in public limited partnerships such as Fort Chicago. Several Partnerships, including Fort Chicago, recently made a submission to the Department of Finance which was accepted and will remove any further doubt on the ability of Mutual Fund Trusts to own Fort Chicago Units. -30- For further information: Guy J. Turcotte, Chairman and C.E.O. or Stephen H. White, President and C.F.O., Fort Chicago Energy Partners L.P., (403) 296-0140, Fax: (403) 234-9156