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Emera & Pengrowth Offer to Purchase NSRL Assets
Emera to Acquire Infrastructure, Pengrowth Seeks Gas Reserves

HALIFAX, Nova Scotia, February 6, 2001: Emera Inc. (TSE:EMA) and Pengrowth Energy Trust (TSE: PGF.UN) together announce their offer to purchase the Sable Offshore Energy Project (SOEP) assets of Nova Scotia Resources Limited (NSRL). The total purchase price is estimated to be $355 million. The offer is subject to certain rights of first refusal that, if unexercised, expire in mid-April, 2001; and other approvals. The asset purchase is part of a larger $420 million deal to sell NSRL, announced earlier today by the Government of The Province of Nova Scotia.

NSRL's SOEP assets consist of an 8.4% interest in the natural gas reserves and the related $2 billion infrastructure. The transaction is structured to provide Emera with the infrastructure assets, and Pengrowth with beneficial interest in the natural gas and natural gas liquids (NGL) reserves. Emera would contribute $90 million and Pengrowth would commit $265 million to the offer.

"An ownership interest in the existing Sable gas infrastructure would complement our investment in the Maritimes & Northeast Pipeline, and advance Emera's overall strategy to build our energy business by supporting development of Nova Scotia's offshore gas resources, " said Wayne Rousch, Emera's Senior Vice-President. "Emera's involvement would mean a regional enterprise continues to hold a meaningful stake in the offshore resource development that is so significant to the economy of our province and northeastern North America."

The infrastructure assets comprise a processing plant at Goldboro, Nova Scotia; a natural gas liquids fractionation plant at Point Tupper, Nova Scotia; a natural gas liquids line connecting the Goldboro and Point Tupper operations; and offshore production platforms and sub-sea gathering pipelines.

Pengrowth would acquire an interest in the reserves and related discovery areas and commit to continued development expenditures up to the wellhead. Pengrowth would enter an agreement with Emera obligating it to utilize Emera's infrastructure assets to transport and process the producer's gas and NGLs, and to pay Emera a fee for each unit of volume produced and processed.

James Kinnear, President and Chief Executive Officer of Pengrowth Energy Trust noted, "This is a great opportunity for our unit holders to gain an interest in one of North America's most significant gas fields. Aligning with Emera brings immediate recognition that we are committed to a long term role here, and we look forward to future developments in the offshore."

As part of the deal, Emera and Pengrowth have also agreed to fund jointly $1.5 million in new investment for technical education and training of skilled workers in Nova Scotia, which will be required for growing levels of activity in offshore resource development.

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.

About Pengrowth Energy Trust

Pengrowth is North America's largest energy trust with an enterprise value of over $1.5 billion. The company trades on the Toronto Stock Exchange (PGF.UN) and qualifies as a mutual trust fund under the Canadan Income Tax Act. Accordingly, units of the Trust are qualified investment for RRSPs, RRIFs, and DPSPs. Pengrowth Energy Trust is closely associated with Pengrowth Management Limited, a Calgary-based specialty fund manager dedicated to building value for investors in the Canadian oil and gas industry. Established in 1982, Pengrowth Management maintains a diversified portfolio of investments for its own account and proposes to expand its fund management and financial services businesses into other sectors. Visit Pengrowth on the web at http://www.pengrowth.com/