Hunt Oil acquires Alberta properties for $176 million (Can.)

Feb. 27, 2001
Hunt Oil Co. of Canada Inc., a wholly owned subsidiary of Hunt Oil Co., Dallas, has agreed to acquire Canadian 88 Energy Corp.'s interests in two Alberta properties for $176 million (Can.). Also, Hunt has again extended a cash offer for Berkley Petroleum Corp., Calgary, but has not increased its bid of $10.50 (Can.) per share.


By an OGJ Online Correspondent


CALGARY, Feb. 27
�Hunt Oil Co. of Canada Inc., a wholly owned subsidiary of Hunt Oil Co., Dallas, has agreed to acquire Canadian 88 Energy Corp.'s interests in two Alberta properties for $176 million (Can.).

The two properties are a 50% interest in the Caroline B pool natural gas project in west central Alberta�which brings Hunt's holding to 100%�and 90% interest in and operatorship of the Waterton gas property in the foothills of southwestern Alberta.

Closing is expected near the end of March. The transaction is effective Jan. 1.

Sid Dykstra, president of Hunt Oil Co. of Canada, said, "We have been working on this deal for several weeks and are very pleased to announce these acquisitions, as they are in line with our strategy to expand our interests in Canadian natural gas."

In other news, Hunt has again extended a cash offer for Berkley Petroleum Corp., Calgary, to 1:01 a.m. Calgary time Mar. 9, but has not increased its bid of $10.50 (Can.)/share.

Berkley has already rejected the $10.50 offer as inadequate and recommended a friendly takeover offer of $11.40 from Anadarko Petroleum Corporation on Feb. 12.

Hunt began the bidding for Berkley, a medium-sized producer, with a $10 offer on Dec. 27, which it then increased to $10.50 and extended to Feb. 27 and now to Mar. 9 "to have adequate time to consider its options."

Berkley has oil and natural gas interests in the Fort Liard region of the Northwest Territories, in Alberta and Saskatchewan, and in the East Lost Hills region of California�s San Joaquin Valley.