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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: Check who wrote (3681)	7/27/1999 5:51:00 PM
From: Salt'n'Peppa	Read Replies (1) \| Respond to of 15703

JULY 27, 1999. Berkley Petroleum Corp. Closes Previously Announced Flow Through Share Offering for $49 Million CALGARY, ALBERTA--Berkley Petroleum Corp. has closed it's previously announced private placement of 3,650,000 flow through common shares at a price of $13.50/share for gross proceeds of $49.2 million. The offering was increased from 3,000,000 common shares to meet demand and was completely subscribed by July 13, 1999. The issue was partially subscribed for by management, directors and employees of Berkley, and the balance was sold to the public utilizing prospectus exemptions. Nesbitt Burns Inc. acted as agent for the public portion of the private placement issue. Berkley will use the net proceeds of the offering to fund exploration expenditures and will renounce to subscribers Canadian exploration expense equal to the subscription price of the flow through common shares effective December 31, 1999. Berkley Petroleum Corp. is a Canadian company engaged in exploration, development and production of natural gas and crude oil. Berkley's common shares are listed on the Toronto and Alberta stock exchanges under the trading symbol "BKP." FOR FURTHER INFORMATION PLEASE CONTACT: Berkley Petroleum Corp. Michael L. Rose President and Chief Executive Officer (403) 571-3600 berkleypete.com