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SUPERIOR PROPANE MOVES TO ACQUIRE PREMIER PROPANE

 CALGARY, Alberta, Nov. 26 /PRNewswire/ -- Superior Propane Inc., a wholly owned subsidiary of Norcen Energy Resources Ltd., announced today that it has entered into a definitive agreement to acquire, directly or indirectly, all of the issued and outstanding voting equity shares of Premier Propane Inc. for an aggregate cash consideration of $10 million. Under the terms of the agreement, Superior will make an additional cash investment of approximately $31 million in order to retire senior, subordinated, and operating indebtedness of Premier. The acquisition is conditional upon due diligence environmental investigations and regulatory approvals. Closing is anticipated to occur upon satisfaction of these conditions.
 Premier, a major propane distributor in Western Canada, had sales of 283 million litres of propane in the year ended April 30, 1993. Superior operates in all ten Canadian provinces and, through its wholly owned U.S. subisidary, Skelgas Propane Inc., in ten midwestern states. In 1992 Superior sold 1,122 million litres of propane in Canada and 408 million litres in the United States. The acquisition of Premier will position Superior as the largest volume propane marketer in Canada with a major presence in Western Canada.
 Superior and its affiliates, Skelgas Propane Inc., ETI Energy Transportation Inc., and Alternative Transportation Fuels Inc., are leading North American clean energy companies. These companies provide quality propane services and products to over 300,000 customers in the home, business, and transportation energy markets.
 -0- 11/26/93
 /CONTACT: Donald J. Edwards, President & CEO, or Tim Henry, Senior Vice-President & CFO, 905-475-9200/
 (NCN.)


CO: Superior Propane; Norcen Energy Resources Ltd.;
 Premier Propane Inc. ST: Alberta IN: OIL SU: TNM


LS -- LA007 -- 7997 11/26/93 19:17 EST
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Publication:PR Newswire
Date:Nov 26, 1993
Words:277
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