Berkley Petroleum: Non Junior TV Play Message Board

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Gold/Mining/Energy : Berkley Petroleum: Non Junior TV Play

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To: Bearcatbob who started this subject	12/27/2000 7:13:19 PM
From: SofaSpud	Read Replies (1) of 200

DECEMBER 27, 2000 - 18:20 EST Berkley Petroleum Corp. Responds to Unsolicited Proposal from Hunt Oil CALGARY, ALBERTA--Berkley Petroleum Corp. issued the following statement today in response to the announcement by Hunt Oil Company that it intends to make an unsolicited offer to acquire all of the shares of Berkley at $10.00 cash per share. Mike Rose, President and CEO of Berkley stated: "We have seen the announcement issued by Hunt today. This is the first communication by Hunt of it's intentions. A meeting of our board will be convened as soon as possible and a more detailed response will be communicated after that meeting. It is my personal view that the proposed Hunt offer is opportunistic and inadequate. The price offered represents only an 8.7% premium to our trading range of approximately $9.20 per share immediately prior to the Hunt announcement. The proposal fails to recognize the underlying value of Berkley's assets. The company has assembled a large asset portfolio in the premier gas exploration areas of North America: the North West Territories, the Alberta Foothills, northeast British Columbia and the San Joaquin basin in California. We will take all appropriate steps to ensure that shareholder value is maximized." Berkley Petroleum Corp. is a Canadian company engaged in exploration, development and production of natural gas and crude oil. Berkley's common shares are listed on the Toronto Stock Exchange under the trading symbol "BKP" Berkley's News Releases can be accessed electronically through ITG, CCN Disclosure's website at www.cdn-news.com. News releases and other information is available at the Berkley website at www.berkleypete.com -30- FOR FURTHER INFORMATION PLEASE CONTACT: Berkley Petroleum Corp. Michael L. Rose President and Chief Executive Officer (403) 571-3600

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