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

To: Kerm Yerman who wrote (12579)	9/30/1998 4:30:00 PM
From: SofaSpud	Read Replies (3) \| Respond to of 15196

PIPELINES / IPL buys interest in Chicap SEPTEMBER 30, 1998 IPL Energy Purchases Interest in Chicap Pipe Line CALGARY, ALBERTA--September 30, 1998 - IPL Energy Inc. today announced it has purchased a 22.8 percent interest in the Chicap Pipe Line Company from Clark Refining & Marketing, Inc. for US$22 million (Cdn$34 million). The Chicap Pipe Line receives crude oil bound for Chicago from the Capline system which runs from the U.S. Gulf Coast to Patoka, Illinois. The Chicap system consists of 205 miles (approximately 330 kilometres) of 26-inch pipeline and associated system equipment, and has a capacity of approximately 400,000 barrels per day. Chicap parallels the Mustang Pipe Line which transports crude oil from the Chicago-area Lockport terminal on the Lakehead Pipe Line system to Patoka. IPL Energy is the General Partner of the Lakehead partnership and has a 30 percent interest in the Mustang Pipe Line partnership. The purchase is another example of IPL Energy's strategy of expanding its investment in North American energy delivery infrastructure. According to Patrick D. Daniel, President and Chief Operating Officer, Energy Delivery, of IPL Energy, "Our investment in the Chicap system reinforces several strategic opportunities we see in the energy delivery arena, and geographically diversifies our pipeline asset base to include participation in the Gulf Coast-to-Chicago corridor." IPL Energy Inc. is a leader in energy delivery and services. It owns and operates the world's longest crude oil and liquids pipeline system through the combined Interprovincial Pipe Line Inc. and Lakehead Pipe Line Partners, L.P. system. It also owns and operates Canada's largest natural gas distribution company, The Consumers' Gas Company Ltd., which serves 1.4 million residential, commercial and industrial customers in south-central 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 the symbol "IPPIF". -30- FOR FURTHER INFORMATION PLEASE CONTACT: IPL Energy Inc. Jim Rennie Media (403) 231-3931 jim.rennie@iplenergy.com or IPL Energy Inc. Al Monaco Investment Community (403) 231-3973 al.monaco@iplenergy.com