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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (5)	3/18/2001 5:51:23 PM
From: Richard Saunders	Respond to of 56

EEE Cdn. 88 followup fin-info.com 2001-02-27 Canadian 88 Energy Corp.: Asset Sale Will Result In A Low Debt, Profitable Enterprise With Significant Exploration Upside CALGARY, ALBERTA-- Canadian 88 Energy Corp. of Calgary, Alberta announced today that it has entered into a purchase and sale agreement with Hunt Oil Company of Canada, Inc. ("Hunt Oil") to sell the Corporation's assets in the Waterton and Caroline areas of Alberta for $176 million effective January 1, 2001. A substantial portion of the Waterton lands and petroleum and natural gas rights are subject to a right-of-first refusal ("ROFR"). Should the ROFR be exercised and closed, the Corporation would receive the proceeds from the Waterton sale and Hunt Oil may elect not to purchase the Caroline assets for $64 million. It is expected that the ROFR process would take approximately one month. Proceeds from a sale would be used to repay a portion of the Corporation's net debt which currently stands at approximately $195 million. Commenting on the sale, Joseph Pritchett III stated that "Either of these transactions is an essential step in creating a dynamic and highly profitable enterprise focused on its core competencies and having the financial muscle to pursue existing and new opportunities. The Hunt transaction would involve a significant portion of the Corporation's non-producing reserves, resulting in an improved balance of producing and undeveloped natural gas assets while retaining significant exploration upside." After the Hunt transaction undeveloped exploration lands in Western Canada are comprised of approximately 460,000 net acres principally located in the highly prospective Alberta foothills including the Blackstone prospect which is currently drilling. Progress continues toward the drilling of the first well on the Corporation's acreage offshore Nova Scotia in 2002. The Special Committee of the Board of Directors and its advisors, CIBC World Markets and Credit Suisse First Boston, are continuing the process of maximizing shareholder value.

To: Bearcatbob who wrote (5)	5/18/2001 1:07:24 AM
From: Richard Saunders	Respond to of 56

EEE Cdn88 - old news. Process Continues. globeinvestor.com 18:03 GMT-04:00 Saturday, May 12, 2001 CALGARY -- Canadian 88 Energy Corp. continues to court potential buyers, but is willing to go it alone if it doesn't get an acceptable takeover offer soon, president and chief executive officer Joseph Pritchett said yesterday. In a conference call with analysts and investors, Mr. Pritchett said Canadian 88 still has bidders interested in the Calgary-based oil and gas company, which put itself up for sale last October. He expressed hope that the company will receive a formal offer soon. On Wednesday, the company's board rejected the only publicly announced offer to date, a share-exchange merger proposal from Canadian Superior Energy Inc., a much smaller company controlled by Greg Noval, Canadian 88's founder and former CEO. At current share prices, the proposed Canadian Superior offer is valued at $518-million. Canadian Superior is suing Canadian 88 over the recent sale of Canadian 88's Waterton natural gas assets in southern Alberta, on which Canadian Superior held a right of first refusal. In a statement issued Wednesday, Canadian 88 said the legal dispute has "prevented the company from completing negotiations to sell Canadian 88 to any of the parties that would have made cash proposals to acquire the company." Yesterday, Mr. Pritchett said the expiry date on Canadian Superior's right of first refusal on the property was March 20. He said Canadian Superior continues to hold rights of first refusal on Canadian 88's undeveloped land holdings in Western Canada until the end of 2001. Canadian 88 officials said that if the company doesn't find a buyer, it is considering launching a share buyback and is looking at possible acquisitions.