CORP. / Oxbow Shareholder Rights Plan
OXBOW EXPLORATION INC. - SHAREHOLDER RIGHTS PLAN AMENDED
CALGARY, June 18 /CNW/ - OXBOW EXPLORATION INC. (TSE:OXB) announced that
after consultation with shareholders of Oxbow, other interested parties, and
Fairvest Securities Corporation, the Board of Directors resolved to amend its
Shareholder Rights Plan (the ''Plan''), subject to shareholder and regulatory
approval. The Plan has been submitted for shareholders' approval and
ratification at the special and annual meeting of the shareholders of Oxbow
scheduled for June 19, 1998.
The Plan has been amended to provide that: (a) the rights may only be
redeemed by Oxbow with the consent of the shareholders of Oxbow; and (b)
except with the consent of the shareholders of Oxbow, the Board of Directors
of Oxbow may only waive the application of the Plan with respect to a takeover
bid if such takeover bid is made by way of a formal takeover bid circular and
such waiver shall only act as a waiver of other takeover bids if they are also
made by way of a formal takeover bid circular.
The amendments to the Plan also contain a number of amendments to the
definition of ''acquiring person, associate and beneficial ownership''. The
amendments have the effect of providing additional certainty in the
calculation of beneficial ownership of shares owned by shareholders in terms
of the occurrence of certain triggering events under the Plan.
The Board of Directors did not adopt the Plan in response to, nor is
Oxbow aware of, any pending or threatened takeover bid.
OXBOW EXPLORATION INC. is a full cycle exploration and development oil
and gas company located in Calgary. Its operations extend throughout the
Western Canadian Sedimentary Basin. OXBOW is listed on the Alberta and Toronto
Stock Exchanges under the trading symbol ''OXB''.
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For further information: Geoff Williams or Don Schott, (403) 237-8944,
Fax: (403) 262-2828
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