The K2 Principal Fund L.P. acquires class A common shares of Peerless Energy Inc.



    TORONTO, Jan. 3 /CNW/ - The K2 Principal Fund L.P. ("K2") announced that
it has acquired class A common shares (the "Class A Shares") of Peerless
Energy Inc. ("Peerless Energy"). As a result of the acquisition of such
shares, K2 owns 5,090,100 Class A Shares, representing approximately 10.21% of
the issued and outstanding Class A Shares of Peerless Energy.
    The Class A Shares were purchased by K2 on the Toronto Stock Exchange. K2
acquired the securities for investment purposes only and may, depending on
market and other conditions, increase or decrease its beneficial ownership,
control or direction over, or exercise its current rights to acquire, Class A
Shares or other securities of Peerless Energy through market transactions,
private agreements or otherwise.





For further information:

For further information: Dan Gosselin, The K2 Principal Fund L.P., (416)
365-2155


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