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

To: upanddown who wrote (64906)	4/18/2000 5:57:00 PM
From: jim_p	Respond to of 95453

I would expect RGO would be able to get something north of $5.50, not a bad return for a short time period? Jim Ranger Oil to open data rooms Orderly Process Underway to Maximize Shareholder Value; Extends Shareholder Bid Approval Plan Separation Time; Company Postpones AGM CALGARY, Apr 17, 2000 /CNW-PRN via COMTEX/ -- Ranger Oil Limited announced today that it will be opening data rooms this week for the benefit of parties who have expressed an interest in a merger opportunity or acquiring all or part of the Company. The data rooms will be located in Calgary and in the United Kingdom. On April 6, the Board of Directors of Ranger announced that it has been conducting a review of various alternatives to maximize shareholder value. This review is being carried out in an orderly and public manner to ensure that all alternatives are fully evaluated and are in the best interests of shareholders. ``Ranger has received expressions of interest from several companies in North America, the U.K. and elsewhere who are interested in participating in this orderly process. The early opening of the data rooms demonstrates that the process is firmly underway. All Ranger's shareholders will be well-served by the thoroughness of this review, which is designed to fully maximize shareholder value,' said Fred Dyment, President and CEO of Ranger Oil Limited. The Board of Directors has extended the time at which the Rights outstanding under Ranger's Shareholder Bid Approval Plan would separate from the Ranger common shares as a result of the announcement by Petrobank of its unsolicited offer to acquire all of the Ranger common shares, to the close of business on May 11, 2000, unless further extended. In light of the review of strategic alternatives, the Company has postponed its Annual General Meeting of Shareholders scheduled for May 12, 2000. The date for the rescheduled meeting of shareholders will be announced in due course, and will be held within the time period permitted under the applicable corporate and securities law. Ranger Oil Limited is an international oil and gas company with a base of reserves and producing assets in North America, North Sea, Angola and Cte d'Ivoire. It actively pursues exploration in select areas around the world. The Company is listed on the Toronto, New York and Pacific stock exchanges under the symbol ``RGO' and the International Stock Exchange, London, under ``RGR.' Issued by: F.J. Dyment President & Chief Executive Officer SOURCE Ranger Oil Limited