Hunt Oil extends offer for Berkley Petroleum

A unit of Hunt Oil Company, Dallas, has extended a $10.50 (Can.)/share offer for Berkley Petroleum Corp., Calgary, to 1:01 a.m. Calgary time Feb. 27 in response to a higher bid. Anadarko Petroleum Corp. announced an $11.40 (Can.)/share offer for the medium-sized Canadian exploration company Feb. 12.


By an OGJ Online Correspondent


CALGARY, Feb. 16
�A unit of Hunt Oil Company, Dallas, has extended a $10.50 (Can.)/share offer for Berkley Petroleum Corp., Calgary, to 1:01 a.m. Calgary time Feb. 27 in response to a higher bid.

Anadarko Petroleum Corp. announced an $11.40 (Can.)/share offer for the medium-sized Canadian exploration company Feb. 12.

Hunt said it is extending the expiry time on its offer from Feb. 15 to give it adequate time to study the options for Hunt and determine its course of action. Hunt�s initial offer, made in late December, was $10/share.

Directors of both Berkley and Anadarko have approved the Anadarko offer and recommended it to shareholders. The offer emerged after a bidding process by Berkley opened data banks to interested parties. Anadarko also said it would match higher offers by other bidders, if they emerged.

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.

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