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NOVA CORP. COMPLETES PURCHASE OF INTEREST IN NATURAL GAS CLEARINGHOUSE OF HOUSTON

 CALGARY, Alberta, Jan. 11 /PRNewswire/ -- NOVA Corporation of Alberta (NYSE: NVA) said today it has completed the purchase of a 36.5 percent interest in Natural Gas Clearinghouse (NGC) of Houston. The sale agreement was announced in late December.
 NOVA purchased its interest for $170 million U.S. cash from LG&E Energy Corp., the parent company of Louisville Gas and Electric Co. The investment will be held by a NOVA subsidiary.
 The purchase is a major step for NOVA in taking its recognized expertise in pipeline and plant operations to the unregulated natural gas services marketplace throughout North America. By doing so, NOVA expects to increase its returns above those generated in the regulated pipeline environment.
 Kent Jespersen, president of NOVA's Gas Services division, said of the closing, "Our investment in NGC puts NOVA in an excellent position to be a major participant in the United States natural gas market, the largest and fastest growing in the world. We believe this will also open doors for NOVA to further its participation in the natural gas services business worldwide. NOVA has accumulated 40 years of experience in managing North America's most complex and sophisticated gas transportation system. This experience is not readily available to newcomers in the booming North American natural gas industry. NOVA's expertise, along with NGC's broad-based experience in gas gathering, processing, unregulated gas transportation and gas marketing, will provide outstanding value to producers and customers now in, or entering, this market."
 NOVA will hold three seats on the nine-member management committee of Natural Gas Clearinghouse. The company also has an arrangement which allows up to five NOVA employees to be seconded to NGC.
 In addition, NOVA and NGC will form a limited partnership, with equal participation by both companies, to pursue opportunities in the natural gas services business in Canada. The partnership, called Novagas Clearinghouse, will be based in Calgary. This will complement NOVA's investment in NGC and will enhance NOVA's participation throughout North America in the gas services market.
 NOVA is committed to becoming the best natural gas services and petrochemicals company -- integrated, worldwide. Its common shares are listed on the New York, London, Toronto, Montreal and Alberta Stock Exchanges under the symbol NVA.
 -0- 1/11/94
 /CONTACT: Kent Jespersen, President, Gas Services, 403-294-4052; or Terry Poole, Senior Vice President, 403-290-7714; or Bill Rowe, Investor Relations, 403-290-7807; or Paul Clark, Public Affairs, 403-290-7603/
 (NVA)


CO: NOVA Corporation of Alberta; Natural Gas Clearinghouse;
 LG&E Energy Corp. ST: Alberta IN: OIL SU: TNM


LS -- LA031 -- 1128 01/11/94 16:35 EST
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Publication:PR Newswire
Date:Jan 11, 1994
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