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INTERPROVINCIAL PIPE LINE INC./INTERPROVINCIAL PIPE LINE SYSTEM INC. CORPORATE REORGANIZATION FINALIZED

 EDMONTON, Alberta, Dec. 18 /PRNewswire/ -- In accordance with a corporate reorganization approved by shareholders on May 6, 1992, Interprovincial Pipe Line System Inc. ("IPS") (NASDAQ-NMS: IPPIF; Toronto, Montreal: IPL) today became the parent corporation of Interprovincial Pipe Line Inc. ("Interprovincial").
 IPS has acquired substantially all of Interprovincial's assets and liabilities other than the Canadian main pipeline system, and the shares of Lakehead Pipe Line Co. Inc. The consolidated financial statements are unchanged by the reorganization and the directors of Interprovincial also became directors of IPS. Interprovincial common share certificates now evidence IPS common shares and do not have to be exchanged.
 B.F. MacNeill, president and chief executive officer, stated "The reorganization will simplify regulation by the National Energy Board and provide a more efficient management structure. Interprovincial Pipe Line System Inc. is in a strong financial position to undertake capital programs, pursue investment opportunities and still maintain the current dividend rate."
 Interprovincial Pipe Line System Inc. operates the world's longest petroleum pipeline, transporting crude oil and other liquid hydrocarbons from Western Canada to refineries and markets in the Midwest United States and Eastern Canada.
 IPS is a widely held, publicly owned corporation with common shares traded on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL," and on the NASDAQ-NMS in the United States under the symbol IPPIF." Installment receipts evidencing common shares of the corporation trade on the Toronto and Montreal stock exchanges under the symbol "IPL.R.
 -0- 12/18/92
 /CONTACT: B.G. Melnyk, assistant secretary, 403-420-5168 or (fax) 403-420-5166, or L.F. Bradley, director of public affairs, 403-420-8166 or (fax) 403-420-8107, both of Interprovincial Pipe Line/
 (IPPIF)


CO: Interprovincial Pipe Line Inc. ST: Alberta IN: OIL SU:

JL -- LA011 -- 8197 12/18/92 12:05 EST
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Publication:PR Newswire
Date:Dec 18, 1992
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