NCE Petrofund Completes Financing

On July 28, 2000, NCE Petrofund, a conventional oil and gas royalty trust, announced that it had entered into an agreement with a syndicate of agents led by Dundee Securities Corporation and including National Bank Financial Inc., Canaccord Capital Corporation, Yorkton Securities Inc. and Goepel McDermid Inc. for a best efforts, fully-marketed offering of trust units.

On August 23, 2000, following the completion of the marketing of the offering, NCE Petrofund announced that the offering would consist of 9,000,000 trust units at a price of $5.00 per unit. NCE Petrofund also granted the agents an option to acquire up to an additional 1,350,000 trust units at a price of $5.00 per unit. The trust units were qualified for distribution to the public in all of the provinces and territories of Canada pursuant to a (final) short form prospectus dated August 22, 2000.

The closing of the offering was held on August 31, 2000. At closing, a total of 10,350,000 trust units, which included 1,350,000 trust units issued pursuant to an option granted to the agents, were issued at a price of $5.00 per unit for gross proceeds of $51,750,000.

NCE Petrofund was represented by Sandra Cowan and William Zeyl (securities) of Goodman and Carr LLP and John A. Brussa (tax) of Burnet, Duckworth & Palmer.

Gowling Lafleur Henderson LLP (Calgary) acted for the agents with a team comprised of Murray J. Desrosiers, Gregory G. Turnbull and Douglas T. McCartney (securities) and Deborah B. Neale (tax) with assistance from Neil Steenberg of the firm’s Toronto office.