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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (14236)	12/12/1998 2:19:00 AM
From: Kerm Yerman	Read Replies (2) of 15196

IN THE NEWS / Big Bear Exploration claims takeover of Blue Range Resources CALGARY (CP) -- Big Bear Exploration Ltd. is claiming an early victory in its unsolicited takeover bid for larger rival Blue Range Resource Corp. Calgary-based Big Bear said today it has received indications from "at least 65 per cent" of Blue Range shareholders that they have or are in the process of tendering their stock to Big Bear in a $190-million share swap. The bid expires tonight at 11:59 p.m. MST. "As a result of our meeting with the Blue Range board of directors (late Thursday), we understand that no other acceptable proposals were received," Jeff Tonken, chairman and chief executive of Big Bear, said in a release. "We have been advised that the directors and officers will be tendering their shares to our bid. I encourage Blue Range shareholders to tender their common shares in acceptance of Big Bear's offer prior to the expiry time." Big Bear has offered 11 shares of Big Bear for each share of Blue Range. Blue Range, which produces mostly natural gas, has been under fire recently for missing production targets. Big Bear officials say the innovative bid represents fair value of $5.72 for each Blue Range share.

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