APF Energy Inc. to Take Over Bayridge Resources Limited.

CALGARY, Alberta--(BUSINESS WIRE)--March 17, 1997--(TSE AY.IR.) APF ENERGY INC. intends to acquire all of the common shares of BAYRIDGE RESOURCES LIMITED for cash by way of a takeover bid. The directors, officers and certain shareholders of Bayridge have entered into a lock-up agreement with APF. A takeover bid circular is expected to be mailed to the shareholders of Bayridge on Friday, March 21, 1997. The transaction, financed by APF's existing credit facilities, is expected to close in late April, subject to certain regulatory approvals and to 90 percent of the Bayridge shares being tendered. The total price that APF will pay for the Bayridge shares will be determined after the successful takeover of Bayridge.

The Bayridge oil and gas properties are characterized by long-life reserves located predominantly in Alberta. Daily production amounts to approximately 1,200 barrels of oil equivalent. Following the resolution of certain corporate and income tax matters and the integration of Bayridge's assets into APF, the cash flow from the integrated oil and gas properties will become subject to a royalty in favour of APF ENERGY TRUST.

The Toronto Stock Exchange has neither approved nor disapproved of the contents of this press release.

CONTACT: APF Energy Group

Martin Hislop, 403/ 294-1000

403/ 294-1074 (FAX)

[phone] (Toll Free)

[e-mail]

or

APF Energy Group

Steven Cloutier, 403/ 294-1000

403/ 294-1074 (FAX)

[phone]

[e-mail]