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

To: Richard Saunders who wrote (14)	5/18/2001 1:11:41 AM
From: Richard Saunders	Respond to of 56

more old news May 04 -- DRK-cdnx being acquired by EOG Resources Canada fin-info.com EOG Resources Canada Inc. to Acquire Derrick Resources Inc. CALGARY, ALBERTA--Derrick Resources Inc. ("Derrick") (CDNX: DRK) announced today that it has entered into an acquisition agreement with EOG Resources Canada Inc. ("EOG") dated May 3, 2001 pursuant to which EOG has agreed to acquire all of the issued and outstanding shares of Derrick (the "Offer") for $4.82 (Cdn.) cash per share. The aggregate value of the Offer is approximately $53 million (Cdn.). The Offer has the unanimous support of the Board of Directors of Derrick. The Board of Directors of Derrick and certain other shareholders of Derrick, holding or controlling approximately 66% of the outstanding shares of Derrick, on a fully diluted basis, have agreed that they will enter into tender agreements pursuant to which they will agree to tender all of their shares to the Offer. The agreement provides that Derrick will pay EOG a non-completion fee of $2.5 million (Cdn.) in certain circumstances. In addition, Derrick has agreed not to solicit further offers and has provided EOG with a right to match any superior take-over proposal received by Derrick. A take-over bid circular is expected to be mailed to Derrick's shareholders on or before May 11, 2001 and the Offer will expire approximately 35 days thereafter. The Offer is conditional on, among other things, at least 66-2/3% of the Derrick common shares (calculated on a diluted basis) being tendered and on conditions customary in transactions of this nature. Kobayashi & Associates Ltd. has acted as Derrick's advisor in connection with this transaction.