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Gold/Mining/Energy : Orbit Oil and Gas (t.orb) -- Ignore unavailable to you. Want to Upgrade?

To: virginijus poshkus who wrote (132)	11/27/1997 9:56:00 PM
From: Scott Mc	Read Replies (1) \| Respond to of 171

Sold a 1/3 of my position today at 1.64 (in hindsight a bit low) and feel lucky as hell. I had a good till order in at 1.33 with Greenline,submitted by Telemax, they have a system that when it saw my order at 1.33A and the opeing Bid was 1.63 automatically cancelled the order. I stuck it back in after lunch for the 1.64, I sure feel lucky... Anyway Ive put the rest up for prices between 1.80 and 2.10, which if I can get I'll be happy with.. Scott

To: virginijus poshkus who wrote (132)	11/28/1997 12:44:00 AM
From: Anthony Wong	Respond to of 171

Financial Post - Others expressing interest in Orbit: Chairman Friday, November 28, 1997 By CLAUDIA CATTANEO Calgary Bureau Chief The Financial Post A bidding war may be brewing for junior gas producer Orbit Oil & Gas Ltd. The chairman of the Calgary-based company said he received serious expressions of interest yesterday, following a hostile takeover bid by another junior producer, privately held Sunoma Energy Corp. "We are looking for the highest value for all the shareholders," said chairman Bob Lamond. "Obviously someone who bought the last share at $1.71 thinks there is a higher bid coming." Sunoma launched a $97-million all-cash offer for the company, including equity and debt, early yesterday at $1.70 a share, saying the offer represented a 47% premium over Orbit's closing price Monday of $1.16. But shares (ORB/TSE) soared in the past two days, closing yesterday at $1.71, up 42›. Lamond claims their value exceeds $2, according to independent estimates. "It's a hostile bid, but we think it's offering Orbit an excellent opportunity to realize some significant value," said Sunoma president Rick MacDermott. "This transaction makes strategic and financial sense. It furthers our growth as a company and it allows Orbit shareholders to realize the value they are entitled to." The two companies are roughly the same size, have similar operating styles and are focused on natural gas, MacDermott said. Orbit's average daily production during the third quarter was 811 barrels of crude oil and natural gas liquids, and 33 million cubic feet of natural gas. MacDermott asked Orbit to waive its shareholders' rights plan to allow shareholders to assess the offer, which would be partly financed by bank debt. Although MacDermott said he made attempts to work out a friendly deal with Orbit, he was rebuffed. Formed last year with capital from U.S.-based energy funds, Sunoma has grown through the acquisition of Sunalta Energy Inc. and Paloma Petroleum Ltd. It already owns 6.9% of Orbit's shares. Lamond, who owns 20% of the company's 47 million shares, warned shareholders to hold on until they can realize better value. "We have a lot of nice properties in certain strategic areas and let's just say we think there is quite a number of companies that would pay up to get our gas, land, pipeline and tax pools." canoe.ca