Roc Oil launches offer for 40% of Gulfstream Resources

Roc Oil Co. Ltd., Sydney, has begun an unsolicited offer to acquire 40% of Gulfstream Resources Canada Ltd., Calgary, for $28.3 million (Can.). Roc claims the all-cash offer of $1.10 (Can.) per share is a 51% premium to the 10-day weighted average trading price of Gulfstream on the Toronto Stock Exchange.
April 2, 2001


By the OGJ Online Staff


HOUSTON, Apr. 2�Roc Oil Co. Ltd., Sydney, has begun an unsolicited offer to acquire 40% of Gulfstream Resources Canada Ltd., Calgary, for $28.3 million (Can.).

Roc claims the all-cash offer of $1.10 (Can.) per share is a 51% premium to the 10-day weighted average trading price of Gulfstream on the Toronto Stock Exchange. Roc said it will fund the offer from cash on hand.

John Doran, CEO of ROC, said, "While this offer is unsolicited, it is intended to be friendly to Gulfstream shareholders. ROC is simply providing them with an opportunity to determine the future of their company. Based on the publicly available information on which our offer is based, there would seem to be compelling reasons for Gulfstream shareholders to consider and approve the entry of ROC as a major shareholder."

The offer will close May 8 and is subject to at least 40% of Gulfstream shares being tendered, the shareholder rights plan being waived, and there being no material change in the business of Gulfstream.

In 1999, ROC acquired another TSE-listed Canadian company, Morrison Middlefield Resources Ltd., for $160 million (Can.), including the assumption of debt.

Sign up for Oil & Gas Journal Newsletters