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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Wowzer who wrote (63963)	4/6/2000 11:11:00 AM
From: jim_p	Respond to of 95453

CALGARY (CP)--Petrobank Energy and Resources said it was offering C$7.50 a share to buy Ranger Oil in a deal worth about C$1.6 billion. Petrobank already controls about 5.4% of Calgary-based Ranger, an oil and gas exploration and development company. In a release, Petrobank, another Calgary-based oil and gas company, said it believes that the combination of the two companies would give Ranger shareholders a new senior management team and reconstituted board of directors who will provide Ranger with a new strategic direction. On Wednesday, Ranger Oil said it was for sale. Ranger shareholders can take the cash offer or three Petrobank common shares for each share of Calgary-based Ranger. Petrobank said it went ahead with the offer after talking over the past 48 hours to Ranger shareholders owning more than one-third of the outstanding shares. Petrobank said its offer will expire on May 12. New York Stock Exchange-listed shares of Ranger Oil closed Wednesday at 4 15/16, up 13/16 or 19.7%, on volume of 400,700 shares. Jim