Monday April 19, 9:18 pm Eastern Time
Big Bear gets Blue Range offer
(Full text of press release from Canadian Corporate News)
APRIL 19, 1999
Big Bear Exploration Ltd. - Blue Range Receives Non-Binding Offers for the Sale of
Substantially All of its Properties
And this means?
CALGARY, ALBERTA--
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
Big Bear Exploration Ltd. announced today that as a result of the property marketing program initiated in February 1999
through Waterous Securities Inc., its wholly-owned subsidiary Blue Range Resource Corporation has received non-binding
offers for the sale of substantially all of its properties. Blue Range intends to negotiate and finalize sale agreements in respect of
these properties as soon as possible and expects to complete these sales by mid June. All of the sale transactions will be
subject to the usual closing conditions and subject to the approval of the Court of Queen's Bench under the Companies'
Creditors Arrangement Act.
Big Bear confirmed that the aggregate of all claims which have been asserted to date against Blue Range relating to the
pre-March 2, 1999 period, exceed the sale proceeds expected to be realized by Blue Range from the sale of its properties.
The validity of these claims has not yet been verified and that process is underway. Blue Range expects that additional claims
will be asserted against it. Blue Range will continue to pay on a current basis for goods and services supplied to Blue Range
after March 2, 1999.
Jeff Tonken, President & Chief Executive Officer of Big Bear said that ''Big Bear considered and pursued a number of
alternatives to refinance, recapitalize, reorganize, or otherwise reconstitute Blue Range but at the end of the day the debt and
other obligations of Blue Range simply made it impossible to successfully complete such a process. Accordingly, Blue Range is
trying to achieve maximum value from the sale of its assets for the benefit of all stakeholders.''
Big Bear Exploration Ltd. is a Calgary based oil and gas company listed on The Toronto Stock Exchange under the symbol
''BDX''.
FOR FURTHER INFORMATION PLEASE CONTACT:
Big Bear Exploration Ltd.
Jeff Tonken
President & Chief Executive Officer
(403) 231-6361
or
Big Bear Exploration Ltd.
Rod Lebbert
Sr. Vice President & Chief Operating Officer
(403) 231-2494
or
Big Bear Exploration Ltd.
James W. Surbey
Sr. Vice President, Corporate Development
(403) 231-6434 |
