INVESTMENT ACTIVITY / Templeton buys Ranger
TEMPLETON PURCHASE OF SECURITIES OF RANGER OIL LTD.
TORONTO, July 6 /CNW/ - Templeton Management Limited, a corporation
incorporated under the laws of the Province of Ontario, on its own behalf and
on behalf of its affiliates, Templeton Global Advisors Limited, a Bahamian
corporation, Templeton Investment Counsel, Inc., a Florida corporation,
Templeton/Franklin Investment Services, Inc., a Delaware corporation,
Templeton Investment Management Limited, a U.K. corporation and Franklin
Advisers, Inc., a California Corporation and TGH Holdings Limited, a Bahamian
corporation (''the Franklin/Templeton Affiliates'') announced today that
various investment funds and institutional accounts for which Templeton
Affiliates serve as investment advisor have, in transactions on the Toronto
Stock Exchange and the New York Stock Exchange completed on July 2, 1998,
purchased 53,900 shares of Ranger Oil Ltd. The shares, together with
previously acquired shares, represent 12.04% of the issued shares of such
class.
These purchases have been made for investment purposes. Investment funds
and institutional accounts managed by Templeton may, subject to market
conditions, make additional investments in or dispositions of securities of
Ranger Oil Ltd. in the future. Templeton does not, however, intend to acquire
20% of the outstanding securities of any class of Ranger Oil Ltd.
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For further information: Bruce S. MacGowan, Chairman, Templeton
Management Limited, 1 Adelaide Street East, Suite 2101, Toronto, Ontario,
M5C 3B8, Telephone: (416) 957-6000
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