Ranger Oil Ltd., Calgary, says it expects to announce this month successful bids for all or part of its assets. The company is fighting an unsolicited takeover bid by a smaller company, Petrobank Energy & Resources Ltd. (OGJ Online, May 16, 2000).
Ranger, which has extensive holdings in Canada, the UK North Sea, and Angola, says there are several serious bidders among the more than 20 companies that have visited its data rooms in Calgary and the UK. Ranger is issuing bid instructions to all interested parties.
CEO Fred Dyment said he expects the company to do "substantially" better than the $1.6 billion (Can.) offer now in play by Petrobank.
Bids are being solicited for the entire company or its businesses in separate parcels. Ranger expects to complete negotiations with potential buyers by mid to late June.
Ranger put itself on the market Apr. 5 in response to shareholder concern over share values. Petrobank made an offer Apr. 6.
Ranger produced an average 71,000 boe/d in 1999.
Meanwhile, Petrobank says says it is in talks to presell up to one third of Ranger's assets. Petrobank CEO John Wright said the talks involve people and groups who think the takeover may succeed. The sales would be finalized if and when Petrobank completes the acquisition.
Petrobank also intends to refinance Ranger's debt.