Esprit Exploration to buy limited partnership's Canadian assets

As general partner, Esprit Exploration Ltd., Calgary, agreed to buy all oil and gas assets of the Canadian 88 Diversified Energy Fund 1991 LP for $1.997 million, subject to the approval of other partners and regulators.

July 29, 2003

By OGJ editors

HOUSTON, July 29 -- As general partner, Esprit Exploration Ltd., Calgary, agreed to buy all oil and gas assets of the Canadian 88 Diversified Energy Fund 1991 LP for $1.997 million, subject to the approval of other partners and regulators.

Net cost to Esprit Exploration will be nearly $1.3 million. Esprit Exploration is the former Canadian 88 Energy Corp., which changed its corporate name earlier this year (OGJ Online, Apr. 9, 2003)

Members of the limited partnership will be asked at an Aug. 22 special meeting to approve resolution for the sale of the properties and dissolution of the partnership. The members then are to receive $22,730/share from the proceeds from the sale and residual cash held by the partnership at the time of its dissolution..

The partnership was formed in 1991 to explore for natural gas and oil in western Canada.