Parkland Income Fund Announces Closing of United Petroleum Products Acquisition

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    RED DEER, AB, May 28 /CNW/ - Parkland Income Fund ("Parkland" or the
"Fund"- TSX: PKI.UN) has closed its previously announced acquisition of all of
the shares of United Petroleum Products Inc. ("UPPI")
    UPPI markets fuel and lubricants to a network of commercial accounts and
independent service station operators throughout central and western British
Columbia. Fuel sales volumes for the past year were in the range of
180 million litres.
    The purchase price for the acquisition was $17.6 million. The
consideration consisted of 430,520 Class "C" limited partnership units of
Parkland Holdings Limited Partnership (which are exchangeable into trust units
on a one-for-one basis) valued at $6.5 million, $10.4 million of cash and
$0.7 million of assumed debt.

    About Parkland
    --------------
    Parkland Income Fund operates retail and wholesale fuels and convenience
store businesses under its Fas Gas Plus, Fas Gas, Race Trac Fuels and Short
Stop Food Stores brands and through independent branded dealers, and
transports fuel through its Petrohaul division. With over 550 locations,
Parkland has developed a strong market niche in western and northern Canadian
non-urban markets. Through Neufeld Petroleum and Propane the Fund markets
propane, gasoline, diesel, lubricants, industrial fluids, agricultural inputs
and delivery services to commercial and industrial customers in northern
Alberta, northeastern British Columbia and the Northwest Territories. To
maximize value for its unitholders, the Fund is focused on the continuous
refinement of its retail portfolio, increased revenue diversification through
growth in non-fuel revenues and active supply chain management. Parkland
operates the Bowden refinery near Red Deer, Alberta producing drilling fluids
on a contract basis.
    The Fund's units trade on the Toronto Stock Exchange (TSX) under the
symbol PKI.UN. For more information, visit www.parkland.ca.

    Certain information included herein is forward-looking. Forward-looking
statements include, without limitation, statements regarding the future
financial position, business strategy, budgets, projected costs, capital
expenditures, financial results, taxes and plans and objectives of or
involving Parkland. Many of these statements can be identified by looking for
words such as "believe", "expects", "expected", "will", "intends", "projects",
"projected", "anticipates", "estimates", "continues", or similar words and
include but are not limited to, statements regarding the accretive effects of
the acquisition and the anticipated benefits of the acquisition. Parkland
believes the expectations reflected in such forward-looking statements are
reasonable but no assurance can be given that these expectations will prove to
be correct and such forward-looking statements should not be unduly relied
upon. Forward-looking statements are not guarantees of future performance and
involve a number of risks and uncertainties some of which are described in the
Fund's annual report, annual information form and other continuous disclosure
documents. Such forward-looking statements necessarily involve known and
unknown risks and uncertainties and other factors, which may cause the Fund's
actual performance and financial results in future periods to differ
materially from any projections of future performance or results expressed or
implied by such forward-looking statements. Such factors include, but are not
limited to: general economic, market and business conditions; industry
capacity; competitive action by other companies; refining and marketing
margins; the ability of suppliers to meet commitments; actions by governmental
authorities including increases in taxes; changes in environmental and other
regulations; and other factors, many of which are beyond the control of
Parkland. Any forward-looking statements are made as of the date hereof and
the Fund does not undertake any obligation, except as required under
applicable law, to publicly update or revise such statements to reflect new
information, subsequent or otherwise.

    If you prefer to receive Fund news releases via e-mail, please request at
corpinfo@parkland.ca.




For further information: Red Deer: Mike W. Chorlton, President and CEO,
(403) 357-6400; John G. Schroeder, Vice President and CFO, (403) 357-6400