Shiningbank Acquires Long Life Reserves for $18 Million

Business Wire, Oct 25, 1996

CALGARY, Alberta--(BUSINESS WIRE)--Oct. 25, 1996-- Shiningbank(TSE:SHN.IR.) Shiningbank Energy Ltd. announces the acquisition of certain long life oil and gas producing assets on behalf of the Shiningbank Energy Income Fund. Shiningbank will acquire the reserves, effective September 1, 1996, for $18.0 million.

The acquisition consists of production in excess of 400 bbls/d liquid and 4.0 mmcf/d gas with a proven reserve life index in excess of ten years. The majority of the production is unitized and is located in west central Alberta. Independent engineers estimate the 1997 cash flow from these assets to be approximately $3.3 million.

The acquisition is expected to close in early December 1996 subject to the necessary due diligence.

Shiningbank trades on the Toronto Stock Exchange under the symbol "SHN.IR".

CONTACT: Shiningbank Energy Ltd.

Arne R. Nielsen, 403/ 268-7477

403/ 268-7499 (FAX)

or

Shiningbank Energy Ltd.

David Fitzpatrick, 403/ 268-7477

403/ 268-7499 (FAX)