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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization
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To: Richard Saunders who started this subject3/30/2001 9:43:22 AM
From: Flipper12   of 56
 
Baytex offers to acquire OGY Petroleums

Ogy Petroleums Ltd OGY
Shares issued 21,606,401 Mar 29 close $2.69
Fri 30 Mar 2001 News Release
See Baytex Energy Ltd (BTE) News Release
Mr. Dale Shwed reports
An agreement has been reached whereby Baytex will offer to acquire all of
the outstanding shares of OGY Petroleums Ltd. for $2.90 cash per share, or,
at the election of the OGY shareholders, 0.245 Baytex share for each OGY
share, subject to a maximum of 1.2 million Baytex shares being issued. OGY
has 22.33 million shares outstanding on a fully diluted basis. The offer
will be made in the form of a takeover bid, will be conditional on
acquiring a minimum of 66.66 per cent of the OGY shares, and will be
subject to all requisite regulatory approvals and other customary
conditions. The directors and officers of OGY have unanimously agreed to
tender to the bid. OGY has also agreed to pay a non-completion fee of
$3.0-million to Baytex under certain circumstances.
Total consideration for this transaction is valued at approximately
$72-million, including approximately $7.0-million total debt of OGY to be
assumed by Baytex. Independent engineers have assigned approximately 1.8
million barrels of oil and natural gas liquids and 25 billion cubic feet of
natural gas in proved reserves (2.6 million barrels and 31 billion cubic
feet in proved and probable reserves) to OGY at year-end 2000. Undeveloped
land of OGY at year-end 2000 totalled approximately 77,000 net acres.
Average production in 2000 was 946 barrels a day of medium-gravity oil and
11.7 million cubic feet a day of natural gas. Current production is
approximately 900 bbl/d and 15.0 million cubic feet a day.
The operations of OGY are concentrated in the east-central Alberta area and
are adjacent to Baytex's core properties at Leahurst and Drumheller. The
majority of the properties are operated by OGY. Baytex has identified
additional development and exploration opportunities in these properties.
This transaction is expected to be completed in May, 2001.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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