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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: johnlag who wrote (7606)	5/16/2001 11:52:37 PM
From: Richard Saunders	Respond to of 24905

It's not over till it's over - TPH-tse Triumph. Congratulations to shareholders who sat tight & to mgmt. who have obtained a bit of an extra reward for shareholders..... newswire.ca CALGARY, May 16 /CNW/ - Triumph Energy Corporation is pleased to announce that it has entered into an amended agreement with Baytex Energy Ltd. whereby Baytex will increase its existing offer to acquire all of the outstanding shares of Triumph from $3.70 to $4.17 in cash per share or, at the election of Triumph shareholders, 0.3475 of a Baytex share for each Triumph share, increased from 0.2846 shares, subject to a maximum of 5.85 million Baytex shares being issued and $82.2 million in cash being paid. Triumph has 36.4 million shares outstanding on a fully diluted basis. The amended offer arose as a result of an unsolicited proposal presented to Triumph's Board of Directors by a third party. The expiry time of the offer is expected to remain at 7:00 PM (Calgary time) on May 29, 2001. The amended offer is expected to be mailed shortly. The Triumph Board has unanimously agreed to recommend shareholders accept the amended Bid and the Company's directors and officers have confirmed their agreement to tender their Triumph shares to the Bid. Triumph has also agreed to increase the non-completion fee to $9.5 million payable to Baytex under certain circumstances.