Cornerstone Announces Second Distribution and New Shelf Registration.

WATSONVILLE Watsonville, city (1990 pop. 31,099), Santa Cruz co., W Calif., on the Pajaro River near Monterey Bay; founded 1852, inc. 1868. It is a growing trade and processing center for vegetables, fruits, and flowers. , Calif.--(BUSINESS WIRE)--Aug. 13, 1997-- Cornerstone cornerstone

Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to Propane Partners, L.P. ("Partnership") (NYSE NYSE

See: New York Stock Exchange :CNO CNO
abbr.
chief of naval operations ) announced today two significant events in its six-month existence. (The Partnership went public on December December: see month. 12, 1996 following the consolidation of Coast Gas, Empire Energy and Synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. Gas).

The Partnership's second distribution of $.54 per unit for the quarter ended June 30, 1997 will be paid on August 15, 1997 to common and subordinated unitholders of record as of August 5, 1997.

The Partnership also announced that the Board of Directors of Cornerstone Propane GP, Inc., the managing general partner of the Partnership, has approved the registration of an additional 1,000,000 common units for use in future acquisitions. These units are in addition to the 750,000 units registered in April of 1997, most of which have been issued in acquisitions this year. Keith G. Baxter, Chief Executive Officer, stated that, "We are extremely pleased with the reception of Cornerstone's units in the marketplace. We look forward to continued growth in the retail propane business by combining with service-oriented companies utilizing a combination of units and cash to enable our new partners to participate in our success."

Cornerstone Propane Partners, L.P. (NYSE:CNO), is a master limited partnership. The Partnership is the nation's fifth largest retail propane marketer, serving more than 360,000 customers in 26 states.

CONTACT: Cornerstone Propane Partners L.P.

Ronald J. Goedde, 408/724-1921

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Publication:	Business Wire
Date:	Aug 13, 1997
Words:	236
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