Golden Opportunities completes $10 million investment in Saskatchewan gas marketing partnership



    SASKATOON, SK, Oct. 21 /CNW/ - Golden Opportunities Fund Inc. ("Golden
Opportunities" or the "Fund") is pleased to announce that it has completed a
$10,000,000 investment in Connect Energy Partnership ("Connect Energy") by way
of a first charge secured debenture (the "Debenture") bearing interest at a
rate of 6% per annum. In tandem with the granting of the Debenture, Golden
Opportunities purchased an equity interest in Connect Energy Holdings Ltd., a
partner of Connect Energy, for $0.90, resulting in Golden Opportunities
holding an overall 18% interest in Connect Energy. The funds advanced pursuant
to the Debenture will be used by Connect Energy for natural gas inventory
purchases.
    Connect Energy is a Saskatchewan partnership focused on supplying natural
gas to commercial and institutional clients by way of long term, fixed price
contracts. The partnership was launched with substantial market acceptance
with more than $150 million in natural gas purchase commitments from 3000+
customer locations, addressing the void left by CEG Energy Options Inc., a
subsidiary of a parent company based in the United States.
    Grant Kook, CEO/Chairman of Golden Opportunities indicates "Golden
Opportunities has been investing in Saskatchewan now for over a decade. The
opportunity to launch Connect Energy with a $10 million commitment from the
Fund confirms our confidence in this experienced and proven management team
and the potential returns of this transaction in a high-growth sector. The
ability to provide long term, fixed price natural gas supply to Saskatchewan
businesses is a tremendous opportunity for Golden Opportunities and its
shareholders."
    Connect Energy is a natural gas marketer that secures a wholesale supply
of fixed price natural gas and in turn enters into long term fixed price
contracts with its customers. SaskEnergy Inc. continues to handle the
distribution and billing of natural gas within its infrastructure. Connect
Energy has aligned itself with a world class, "triple A" credit energy company
that plays a strategic role in the supply of natural gas to Connect Energy and
the elimination of hedging risks to Connect Energy. Connect Energy provides
similar services to other well known companies in other jurisdictions in
Canada and North America like Direct Energy, Energy Savings Income Fund and
ENMAX Energy.
    Mr. Roger Magneson, with Connect Energy, quotes "On behalf of our
management team who have been in this business collectively for over 50 years
in the Province of Saskatchewan we are very excited to serve the business
community with fixed priced natural gas supply contracts eliminating the
volatility in natural gas prices in their businesses. The large customer load
that we have at the outset of the operation reaffirms businesses want to
eliminate the risk and uncertainty of rising energy costs."

    Golden Opportunities is Saskatchewan's first and largest Provincial
Labour-sponsored Investment Fund, having raised over $130 million in share
capital to date from approximately 17,000 shareholders. The Fund, in the past
decade of investing, has completed over 100 investment transactions in 75
different Saskatchewan growth companies across 13 different industry sectors
for diversification, thereby directly impacting the future of Saskatchewan.

    
    The Saskatchewan Financial Services Commission has neither approved nor
    disapproved the information contained herein.
    





For further information:

For further information: Grant Kook, CEO, Chairman of Golden
Opportunities Fund Inc. at (306) 652-5557

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Golden Opportunities Fund Inc.

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