APF Energy Trust to acquire Great Northern Exploration Ltd.

APF Energy Trust, Calgary, has agreed to acquire Great Northern Exploration Ltd. for $291 million (Can) plus $56 million of debt. The boards of directors of both companies approved the transaction, which is expected to close in early June.

April 13, 2004

By OGJ editors

HOUSTON, Apr. 13 -- APF Energy Trust, Calgary, has agreed to acquire Great Northern Exploration Ltd. for $291 million (Can) plus $56 million of debt. The boards of directors of both companies approved the transaction, which is expected to close in early June.

The acquisition will increase APF's total daily production to 18,500 boe, with a 51% weighting to natural gas.

Among Great Northern assets are reserves valued at $280 million, 141,000 acres of land, and an extensive seismic database. APF also will benefit from acquiring West Central Alberta assets and 41,600 acres of coalbed methane prospects in the Horseshoe Canyon formation.