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Gold/Mining/Energy : Big Bear Exploration BDX

BDX 178.71

-0.4%

Oct 31 9:30 AM EST

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To: Tupulak who wrote (74)	5/10/1999 11:59:00 AM
From: trypod	Read Replies (1) of 77

News Out: Big Bear Announces Property Sale CALGARY, ALBERTA-- THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Big Bear Exploration Ltd. ("Big Bear") announced today that it has signed an agreement in principle to sell all of its remaining interests in the Rainbow Lake area consisting of approximately 500 bbls/d of oil and 1.25 mmcf/d of natural gas production to Saddle Resources Inc. and Birchill Resources Limited for gross proceeds of approximately $12 million. The net proceeds from this sale will be used to reduce bank indebtedness. The closing of this transaction is subject to the usual closing conditions including the purchaser completing a satisfactory environmental review. In addition, the purchaser's obligations are conditional on the value of title defects not exceeding $750,000. Following this debt reduction Big Bear will have remaining bank debt of approximately $11 million pursuant to a Bridge Acquisition Facility. As previously announced, funds in the amount of approximately $13 million were advanced on a secured basis to Big Bear's wholly-owned subsidiary Blue Range Resource Corporation. Upon the successful completion of Blue Range's asset sales Big Bear intends to extinguish this debt and have a positive cash position of approximately $2 million. The above referenced sale may constitute substantially all of the property of Big Bear and as such is subject to shareholder approval by special resolution which is being sought at the Special and Annual Meeting of Shareholders scheduled to be held on June 10, 1999. Additional details relating to this property are contained in the Information Circular for the subject meeting which is in the process of being mailed to Shareholders. The sale is expected to close in mid June and will be effective May 1, 1999. Big Bear's current production from its remaining properties not owned by its wholly-owned subsidiary Blue Range is approximately 1.4 mmcf/d and 6 bbls/d of NGL's. Big Bear Exploration Ltd. is a Calgary based oil and gas company listed on The Toronto Stock Exchange under the symbol "BDX. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Big Bear Exploration Ltd. A. Jeffery Tonken President & C.E.O. (403) 262-1414 or Big Bear Exploration Ltd. Jim W. Surbey Senior VP Corp Development (403) 262-1414 or Big Bear Exploration Ltd. Rod J. Lebbert Senior VP & C.O.O. (403) 262-1414 The Toronto Stock Exchange has not approved or disapproved the contents of this news release. Later:Rick

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