Press Release
August 29, 2000

SEMI-ANNUAL REPORT 2000
For the period ending June 30, 2000

MRF 1999 Limited Partnership (the "Partnership") is pleased to present its unaudited financial statements for the six months ended June 30, 2000, the details of which are attached.

Canadian oil and gas companies are continuing to report strong earnings growth which, accompanied by disciplined capital spending, has resulted in substantial improvement in their balance sheets. Notwithstanding this positive backdrop, investors are unforgiving of poor performance and have a decided preference for larger cap companies. As a result, the number of significant merger and acquisition transactions this year is already double the number of transactions completed for all of 1999. With the continuing strong financial performance of energy companies, and some shift in sentiment by investors from momentum to value investing, we believe that the outlook for energy stocks is very positive. In fact, the industry's consolidation trend is likely to continue, adding some excitement for investors to an already positive outlook for the energy sector's strong fundamentals. The Partnership has already benefited from the acquisition of a strategically important minority interest in Canadian 88 by Duke Energy, and the recent acquisition of Torex Resources in which it holds a small position.

As of June 30, 2000, the Partnership's net asset value was $20.13 per unit. Assuming a 50% marginal tax rate, investors have an unrealized after tax return of 9% on the after tax cost of their investment in the Partnership. The overall performance of the Partnership has been lagging the market somewhat due to its holdings in Paramount Resources and Berkley Petroleum. We believe these senior, gas-leveraged producers have significant upside potential from a well diversified property base and commodity price exposure.

For further information contact the undersigned at (416) 362-0714, extension 403.

Mr. J. Dennis Dunlop
Senior Vice President