Hunt Oil makes bid for Berkley Petroleum


Hunt Oil Canadian Acquisition 11 Corp., a wholly-owned unit of Hunt Oil Co. in Dallas, launched a $1.4 billion (Cdn) takeover bid for Berkley Petroleum Corp. of Calgary.

The cash offer of $10/share (Cdn) represents a 27% premium over Berkley�s 30-day average weighted price of $7.88/share and a 15% premium on the Dec. 22 closing price on the Toronto Stock Exchange of $8.70/share. The offer includes assumption of $379 million of Berkley debt effective Sept. 30.

Ray L. Hunt, chairman and CEO of Hunt Oil, said the transaction is consistent with the company�s strategy of developing new core areas of activity in select regions around the world. It reflects Hunt�s strong optimism about Canada�s energy sector and builds on Hunt�s existing presence in Canada by establishing a strong platform for growth, he said.

The offer is subject to regulatory approvals and acceptance by two-thirds of Berkley shareholders. It will be open for acceptance for not less than 21 days after mailing.

Berkley Petroleum is a Canadian independent with a strong position in Western Canada, including the Fort Liard natural gas play in Canada�s Northwest Territories, and the Deep Lost Hills gas play in the San Joaquin Basin, Calif.

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