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Emera Inc. to Acquire Interest in Sable Offhsore Platforms from Nova Scotia Resources Limited
Rights of First Refusal Exercised for Other Sable Infrastructure Assets

HALIFAX, Nova Scotia, June 6, 2001: Emera Inc. (TSE:EMA) will acquire an 8.4% interest in the Sable Offshore Energy Project (SOEP) offshore platforms and associated sub-sea field gathering lines from Nova Scotia Resources Limited for $50.0 million. The acquisition is part of a $90.0 million offer, announced in February 2001, to purchase an interest in all of the SOEP infrastructure assets, which also included a processing plant, a natural gas liquids fractionation plant, a natural gas liquids line and a sub-sea gathering line connecting the main platform to the onshore operations. The offer to purchase each piece of infrastructure was subject to rights of first refusal held by ExxonMobil, Shell, Imperial Oil and Mosbacher Operating. Those rights were exercised on the plants, the liquids line, and the platform-to-shore line, consolidating ownership.

"We're pleased to have acquired this important element of the Sable infrastructure, but obviously would have been happier to get the other assets as well," said Wayne Rousch, Emera's Senior Vice-President. "As we have said consistently, this deal is an important step for Emera, albeit now a smaller one. There will be more opportunities springing from Nova Scotia's offshore gas and energy development, and we are determined to play a part."

Pengrowth Energy Trust (TSE:PGF.UN) will acquire a net royalty with respect to the proceeds from the sale of 8.4% of SOEP's natural gas and natural gas liquids reserves for $265 million. The Emera and Pengrowth purchases are part of the Government of Nova Scotia's larger $420 million deal to sell Nova Scotia Resources Limited.

About Emera Inc.

Emera Inc. (EMA-TSE) is a diversified energy and services company, with 440,000 customers and $2.9 billion in assets. Its wholly-owned operating subsidiary, Nova Scotia Power Inc., is a regulated electric utility that supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Emera also delivers bunker oil, diesel fuel and light fuel oil through its unregulated subsidiaries, and has a 12.5 per cent interest in the Maritimes & Northeast Pipeline, which delivers Sable Island natural gas to markets in Maritime Canada and the northeastern United States. Emera is in the process of gaining regulatory approvals for the acquisition of all of the common shares of Bangor Hydro-Electric Company (NYSE:BGR), a regulated electric transmission and distribution business serving 110,000 customers in Maine. Bangor shareholders have approved the transaction.