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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization
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To: Richard Saunders who started this subject3/20/2001 1:07:38 AM
From: Richard Saunders   of 56
 
VTU-tse Ventus

fin-info.com

2001-03-12 Ventus Establishes Special Committee To Review Alternatives To Maximize Shareholder Value

Calgary, Alberta --

The Board of Directors of Ventus Energy (TSE:VTU) has established
a Special Committee to review alternatives to maximize value for
Ventus shareholders. Alternatives to be considered will include
a sale, merger, or corporate restructuring of Ventus, sale of
certain assets or continuation of the current full cycle growth
plans.

The Board of Directors believes that the market price of the
Corporation's shares does not reflect the underlying value of the
Corporation. The process of reviewing alternatives is being
undertaken in light of this value gap and the very rapid
consolidation occurring within the industry.

Ventus has engaged a dealer group to act as advisors to the
Corporation and to assist in the review of alternatives. The
dealer group is comprised of BMO Nesbitt Burns Inc., FirstEnergy
Capital Corp. and Waterous & Co. The Corporation expects to open
a data room on or about March 23 to facilitate review by parties
interested in proposing a transaction.

Ventus is currently completing a very sizable winter capital
program. This program is expected to achieve significant reserve
and production additions and to provide the basis for the
Corporation to achieve its targeted average production rate of
15,900 BOEPD (13,000 at 10:1) in 2001. These reserves and
production additions are scheduled to be on-stream by mid-April.
The review process will be timed such that any resulting
transaction reflects the value created by this winter program and
the remaining opportunities within the Corporation's substantial
prospect inventory.
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