Pacific Northern Gas Ltd.

Pacific Northern Gas Ltd.

March 15, 2005 16:09 ET

Pacific Northern Gas Announces Pricing of Common Share Secondary Offering


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PACIFIC NORTHERN GAS LTD.

TSX SYMBOL: PNG
TSX SYMBOL: PNG.PR.A

MARCH 15, 2005 - 16:09 ET

Pacific Northern Gas Announces Pricing of Common Share
Secondary Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - Pacific
Northern Gas Ltd. (TSX:PNG)(TSX:PNG.PR.A)

NOT FOR DISSEMINATION INTO THE UNITED STATES OR TO UNITED STATES WIRE
SERVICES

Pacific Northern Gas ("PNG") announced today that Tricor Acquisition
(STP) Inc. ("Tricor") has entered into an agreement with Scotia Capital
Inc. and CIBC World Markets Inc. for the purchase by the underwriters,
subject to regulatory approval, of approximately 1.34 million common
shares of PNG (the "Common Shares") at a price of $19.40 per Common
Share, for total gross proceeds of approximately $26 million. A
preliminary long-form prospectus for the Common Shares was filed with
securities regulatory authorities in each province of Canada on Friday
March 11, 2005. Closing of the offering is expected on or about April
12, 2005.

PNG is not selling any newly issued common shares as part of the
offering and will not receive any part of the proceeds from the sale of
the Common Shares.

The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale
of the securities in any State in which such offer, solicitation or sale
would be unlawful.

Headquartered in Vancouver, British Columbia, Pacific Northern Gas Ltd.
(TSX:PNG) owns and operates natural gas transmission and distribution
systems. PNG's western transmission line extends from the Duke Energy
Gas Transmission system north of Prince George to tidewater at Kitimat
and Prince Rupert, and provides service to 12 communities and a number
of industrial facilities. In the northeast, PNG's subsidiary Pacific
Northern Gas (N.E.) provides gas distribution service in the Dawson
Creek, Fort St John and Tumbler Ridge areas.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Pacific Northern Gas Ltd. - Investor Inquiries
    Elizabeth Fletcher
    Chief Financial Officer
    (604) 691-5684
    or
    Pacific Northern Gas Ltd. - Media Inquiries
    Greg Weeres P.Eng.
    Vice President Operations & Engineering
    (604) 691-5680
    www.png.ca