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NOVA CORPORATION OF ALBERTA REPORTS PRODUCTION RESULTS

       NOVA CORPORATION OF ALBERTA REPORTS PRODUCTION RESULTS
    CALGARY, Alberta, July 15 /PRNewswire/ -- Sales of Alberta natural gas continued to increase at a record pace in the first half of 1992, driven primarily by low prices and strong demand from United States markets.
    NOVA Corporation of Alberta (NYSE: NVA; Montreal, Toronto: NVA) transported 1.7 trillion cubic feet of gas through its Alberta pipeline system in the first six months, up 10 percent from 1.5 tcf a year ago.  Average daily receipts for the period were 9.2 billion cubic feet compared with 8.4 bcf in 1991.
    The NOVA system is the main pipeline grid through which gas is collected for use in Alberta and delivered to border points for shipment outside the province.  Other companies take delivery of Alberta gas at the provincial border and transport it to market.
    "NOVA is committed to providing the most cost-effective pipeline transmission service for its gas industry customers," said Bruce W. Simpson, president of NOVA's Alberta Gas Transmission Division.
    For all of 1992, the system is expected to operate at record levels, as it has for the past five years.  In response to customer requests for increased pipeline service, NOVA will invest approximately 520 million dollars in new facilities during 1992, with activities focused on matching delivery capacity of Alberta producers, Simpson said.
    Total exports from Alberta in the first six months were up 13 percent to 1.4 tcf compared with 1.2 tcf in 1991.  Within the province, deliveries were down 3 percent to 281 bcf from 289 bcf in 1991.
    At the Alberta-British Columbia border, total deliveries were down 6 percent to 250 bcf from 265 bcf in 1991.  This gas was shipped mainly to California markets by Pan-Alberta Gas Ltd. (50 percent owned by NOVA) and by Alberta and Southern Gas Co. Ltd.  These volumes declined as a result of actions by the Alberta government and regulatory agencies to prevent interruptible deliveries from displacing long-term gas sales at the Alberta-British Columbia border point.
    At the Alberta-Saskatchewan border, gas deliveries destined for central Canada and U.S. markets via the TransCanada pipeline system were up 17 percent to 875 bcf from 750 bcf in 1991.  Gas deliveries destined for the U.S. mid-west via the Foothills pipeline system were up 19 percent to 218 bcf from 183 bcf in 1991.  Overall, these increased deliveries reflect development of new gas markets, particularly in the northeast United States, and increased short-term sales.
    NOVA is a widely held company operating internationally from headquarters in Calgary, Alberta, Canada.  NOVA builds its future on pipelines, and the manufacturing and marketing of chemicals produced primarily from Alberta natural resources.
    -0-                        7/15/92
    /CONTACT:  B.W. Simpson of NOVA Corporation of Alberta, 403-290-7643/
    (NVA) CO:  NOVA Corporation of Alberta ST:  Alberta IN:  OIL SU: AL -- LA021 -- 9573 07/15/92 13:05 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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