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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (11221)	6/13/1998 9:54:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING - SPEC 20 LISTED / Big Bear Exploration Closes Belco O & G Financing BIG BEAR EXPLORATION LTD. TSE SYMBOL: BDX JUNE 12, 1998 Big Bear Exploration Closes Financing Transaction With Belco Oil & Gas Corp. CALGARY, ALBERTA-- Big Bear Exploration Ltd. ("Big Bear") announced today that it has completed: (a) the sale to a wholly owned subsidiary of Belco Oil & Gas Corp. ("Belco") of 12,500,000 5 percent Convertible Preferred Shares which are convertible on a one-for-one basis into common shares of Big Bear for gross proceeds of $15,000,000; (b) the sale of 590,551 Convertible Preferred Shares which are convertible on a one-for-one basis into common shares of Big Bear to Moan Investments Ltd. for gross proceeds of $750,000; and (c) the sale to Belco of 169,795,270 Special Acquisition Warrants at a price of $1.016 per Special Acquisition Warrant. Each of the Special Acquisition Warrants issued to Belco may be exercised at Belco's option and once paid for, gives Belco the right to acquire one common share of Big Bear, subject to adjustment in certain circumstances. The purchase price for the Special Acquisition Warrants, will be paid to Big Bear in conjunction with the completion of acquisitions of oil & gas properties and companies by Big Bear which are approved by Belco. Belco is an independent U.S. energy Company that trades on the New York Stock Exchange under the symbol "BOG". Before taking into account the shares to be issued pursuant to these Convertible Preferred Shares and Special Acquisition Warrants, and the 13,000,000 Special Warrants previously announced, Big Bear has outstanding 38,488,719 common shares. Big Bear Exploration Ltd. is a Calgary based oil and gas company listed on The Toronto Stock Exchange under the symbol "BDX".