ACQUISITION UPDATE / Union Pacific Resources announces 100% Ownership of Norcen Energy
FORT WORTH, Texas, March 6 /CNW/ -- Union Pacific Resources Group Inc.
(NYSE: UPR) today announced that on March 5, 1998, its indirect wholly- owned
subsidiary, Union Pacific Resources, Inc. (UPRI), completed the compulsory
acquisition procedures pursuant to section 206 of the Canada Business
Corporations Act in order to acquire the remaining 6,107,965 issued and
outstanding common shares of Norcen Energy Resources Ltd. (Toronto Stock
Exchange: NCN) (Norcen), representing approximately 3.2 percent which had not
previously been acquired pursuant to UPRI's Offer to Purchase and Take-Over
Bid Circular dated January 30, 1998, which expired on March 2, 1998 (the
'Offer'). After taking up the common shares of Norcen pursuant to the Offer
on March 2, 1998, UPRI owned approximately 96.8 percent of the issued and
outstanding shares of Norcen. UPRI now beneficially owns 100 percent of the
issued and outstanding common shares of Norcen on a fully- diluted basis.
Union Pacific Resources is one of the nation's largest independent oil
and gas exploration and production companies. Based in Fort Worth, Texas, UPR
has been the No.1 domestic driller for the past 6 years.
This press release, other than historical financial information, contains
forward looking statements that involve risks and uncertainties including
planned construction and drilling activity, expected production efforts and
volumes and budgeted capital expenditures and other risks and uncertainties
detailed in the Company's SEC reports, including the report on Form 10-Q for
the quarter ended September 30, 1997. Actual results may vary materially. |
