Berkley to waive poison pill

A unit of Hunt Oil Co., Dallas, and Berkley Petroleum Corp., Calgary, have agreed for Berkley to waive application of a shareholder rights plan, or poison pill, on Feb. 15. The agreement relates to the $1.4 billion (Can.) hostile takeover bid Hunt made for Berkley Dec. 27.

Feb. 2, 2001

HOUSTON, Feb. 2�A unit of Hunt Oil Co., Dallas, and Berkley Petroleum Corp., Calgary, have agreed for Berkley to waive application of a shareholder rights plan, or poison pill, at 6:59 p.m. Calgary time on Feb. 15.

The agreement relates to the $1.4 billion (Can.) hostile takeover bid Hunt made for Berkley Dec. 27. Berkley adopted a shareholders rights plan and has been seeking alternative bids to the Hunt offer, which it called inadequate.

Hunt agreed to withdraw its request for the Alberta Securities Commission to review the plan, which was scheduled for a hearing Feb. 2.

The Hunt offer is subject to two-thirds of Berkley shares being tendered and to regulatory approvals.

Berkley has a 21% interest in a major natural gas play in the Fort Liard region of the Northwest Territories and is a lead partner in a gas exploration play in the East Lost Hills area of California�s San Joaquin Valley.