Barrett again urges shareholders to reject Shell offer

Barrett Resources Corp., Denver, again has urged shareholders to reject the Houston-based Shell Oil Co.�s cash offer of $55/share. Peter Dea, Barrett chairman and CEO, also asked shareholders to resist replacing Barrett board members with Shell representatives.

April 10, 2001

By the OGJ Staff Online

HOUSTON, Apr. 10 -- Barrett Resources Corp., Denver, again has urged shareholders to reject the Houston-based Shell Oil Co.�s takeover cash offer of $55/share and also to reject Shell�s attempt to get its representatives on the Barrett board.

Peter Dea, Barrett chairman and CEO, said, �We continue to urge shareholders not to tender into the Shell offer or grant the consents being sought by Shell.�

Barrett said Monday Shell is trying to remove Barrett�s existing directors and replace them with Shell representatives to facilitate its unsolicited cash tender offer for Barrett.

Holders of Barrett shares as of Apr. 19 can vote on Shell�s board initiative, Barrett said Monday.

�Barrett is proceeding expeditiously with its process to maximize value and will not be bound or constrained by Shell's artificial deadlines,'' Dea also said. Barrett previously has said it would consider offers from other companies. (OGJ Online Staff, Mar. 28, 2001).

Shell�s offer was set to expire last Friday but it extended its tender offer until Apr. 20.