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

To: Herb Duncan who wrote (11820)	7/21/1998 2:09:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Big Bear Exploration Ltd. Files Preliminary Prospectus CALGARY, ALBERTA-- Big Bear Exploration Ltd. ("Big Bear" or "Corporation") announced today that it has filed a Preliminary Prospectus in respect of the common shares to be issued upon the exercise of 13,000,000 Special Warrants which were privately placed on June 4, 1998, to a group of institutional investors. Griffiths McBurney & Partners and Peters & Co. Limited acted as underwriters for the Private Placement. These Special Warrants are, subject to adjustment in certain circumstances, exchangeable without further payment for common shares of Big Bear, on a one-for-one basis. The proceeds of sale of the Special Warrants ($13,208,000) remain in escrow and are not releasable to the Corporation until certain conditions have been satisfied. These conditions relate to the financing and completion of acquisitions of oil and gas properties or companies by the Corporation. Upon release to the Corporation, the proceeds will be utilized to fund such acquisitions. Prior to the issuance of common shares upon the exercise of these Special Warrants, Big Bear has outstanding 38,488,719 common shares (non-diluted) at the date hereof. Big Bear also announced today that as a result of the significant decline in oil pricing since December 31, 1997, the Corporation has determined to take a ceiling test write-down in the second quarter of 1998 in the amount of $16,000,000. Big Bear Exploration Ltd. is a Calgary based oil and gas company listed on The Toronto Stock Exchange under the symbol "BDX".