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

To: Kerm Yerman who wrote (12374)	9/21/1998 2:10:00 PM
From: SofaSpud	Respond to of 15196

CORP. / Devlan shareholder rights plan DEVLAN EXPLORATION COMPANY LTD. ADOPTS SHAREHOLDER RIGHTS PLAN CALGARY, Sept. 21 /CNW/ - The Board of Directors of Devlan Exploration Company Ltd. (''Devlan'') today announced the adoption of a Shareholder Rights Plan which, subject to receipt of regulatory approval, will become effective as of September 11, 1998 immediately upon receipt of such regulatory approval. To implement the Plan, the Board authorized the distribution of 1 share purchase right for each outstanding common share of Devlan held of record at the close of business on September 11, 1998. The final implementation of the Plan is subject to all required regulatory approvals being obtained as well as the approval of Devlan's shareholders at the Annual General and Special Meeting of Shareholders to be held on October 16, 1998. The Plan is designed to ensure that all of Devlan's shareholders are treated equally if a take-over bid is made for Devlan's shares and that sufficient time is available for the directors of Devlan and all shareholders to fully evaluate any offer and pursue alternatives to maximize shareholder value. The Plan is similar to many plans adopted by other Canadian companies. The rights issued to shareholders under the Plan will entitle the holder to acquire common shares of Devlan at a 50% discount to the market price upon a person or group acquiring 20% or more of the common shares of Devlan. However, the rights are not exercisable in the event of a Permitted Bid. A Permitted Bid is a take-over bid made by way of a take-over bid circular which remains open for at least 45 days that is made to all shareholders. A Permitted Bid must also satisfy certain other conditions provided for in the Plan, including that a bidder under a Permitted Bid may only take up shares tendered under the bid if at least 50% of the shares held by shareholders independent of the bidder are deposited and the bid is then extended for a further period of 10 business days. The rights will not be exercisable and will not trade separate and apart from the common shares at any time prior to a person or group acquiring, or announcing an intention to acquire (in a manner that does not constitute a Permitted Bid), securities to which are attached 20% or more of the votes attaching to all securities of the Corporation. The Plan is valid for 6 years, subject to shareholder reconfirmation at the 2001 Annual General Meeting of Shareholders. The required approval level at the upcoming shareholder meeting is 50 per cent plus one of the votes cast by independent shareholders (as defined in the Plan). DEVLAN EXPLORATION COMPANY LTD. (DVX) is a Calgary, Alberta based company engaged in the business of oil and natural gas exploration and production, trading on the Alberta Stock Exchange. The ASE has neither approved nor disapproved of the information contained herein. -30- For further information: Bill Matheson, (403) 233-7778, Website: devlanexpl.com

To: Kerm Yerman who wrote (12374)	9/21/1998 2:12:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES - ARNIE'S TOP 1 LISTED / CanOxy at Buffalo Hills CANADIANOXY PROCEEDS WITH DEVELOPMENT OF BUFFALO OIL FIELD CALGARY, Sept. 21 /CNW/ - Canadian Occidental Petroleum Ltd. (CXY-TSE, ME, AMEX) announced today that it is proceeding with development of the Buffalo oil field on Block WA-260-P located approximately 560 km northwest of Darwin, in Australian waters. CanadianOxy has a 50% interest in the development which is operated by Broken Hill Proprietary Company Ltd. (BHP). The field was discovered in October 1996 and contains approximately 22 million barrels of proved and probable reserves. This will support peak production of approximately 40,000 barrels gross per day. Exploration of other prospects on 855,000 acre WA-260-P is ongoing. Prompt appraisal and development scoping has enabled rapid commercial development, with first oil scheduled for late 1999. Buffalo will be developed using a fixed unmanned wellhead platform linked to a leased Floating Production Storage and Offloading System. The expected gross capital cost of the development is approximately US $88 million. Commenting on the development, Victor Zaleschuk, President and CEO said, ''The development of the Buffalo field gives CanadianOxy a new source of production and cash flow in this stable and prospective part of southeast Asia. Buffalo Field also provides us with the basis for further exploration of the region from a position of increasing knowledge and strength.'' CanadianOxy is an independent, Canadian based global energy and chemicals company. Core business activities include the exploration, development, production and marketing of crude oil and natural gas. CanadianOxy is Canada's second largest oil producer with a daily output of approximately 240,000 barrels of oil equivalent. -30- For further information: Kevin Finn, Director, Corporate Communications and Investor Relations, (403) 234-1932