Norrep Performance 2004 Flow-Through Limited Partnership completes asset transfer



    CALGARY, June 13 /CNW/ - Norrep Performance 2004 Flow-Through Limited
Partnership (the "Partnership") is pleased to announce that it has completed
the transfer of all of its assets (the "Rollover") to Norrep II Class of
Norrep Opportunities Corp. (the "Fund") effective at the close of business on
June 13, 2007 pursuant to approval received at the Special Meeting of Limited
Partners held on June 4, 2007. The Partnership received an aggregate of
1,501,920 mutual fund shares of the Fund ("Mutual Fund Shares") with a net
asset value of $34.24 per share in exchange for assets with a market value of
$51,429,051.72. As a result of the Rollover, each limited partner of the
Partnership will receive 0.25716 of a Mutual Fund Share for each Limited
Partnership unit based on a net asset value of $8.81 per unit. All net asset
values were calculated as at the close of business on June 12, 2007. The
Mutual Fund Shares plus any remaining property of the Partnership will be
distributed to limited partners within 5 days following the closing date.
    In addition to the $8.81 per unit mentioned above, a distribution of
$0.73 per unit will be paid on June 15, 2007 to Limited Partners of record on
May 4, 2007.
    Immediately following completion of the Rollover, the Partnership shall
be dissolved in accordance with the Partnerships Act (Ontario).
    Norrep Inc. is the manager of the Fund. The portfolio manager is
Hesperian Capital Management Ltd., which was also the portfolio manager for
the Partnership.

    %SEDAR: 00017183E




For further information:

For further information: Randal L. Oliver, (403) 531-2651

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NORREP

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