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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Graham who wrote (5716)	12/12/1998 8:56:00 PM
From: Lorne Larson	Read Replies (1) \| Respond to of 24927

Graham Blue Range will continue to trade. As I understand it only 65% of the Blue Range shareholders tendered to the Big Bear offer. This is not enough for Big Bear to use the Corporations Act to require that the remaining shareholders also tender (I believe they need 90% for this). I assume that Big Bear will extend its offer, so that you should have no difficulty tendering. Also at some point, say in 6 months, Big Bear will likely make a fresh offer to acquire the remaining shares. One of the difficulties with Blue Range is going to be that even though it will continue to trade, its liquid float is substantially reduced in that 65% of the shares will no longer trade. Will likely mean larger spreads between the bid and ask. Regards

To: Graham who wrote (5716)	12/13/1998 9:08:00 AM
From: Kerm Yerman	Respond to of 24927

Graham / Blue Range Resources Big Bear Exploration Ltd. announced that approximately 67.3 percent of the outstanding common shares of Blue Range Resource Corporation have been tendered under Big Bear's Offer for all of the Blue Range common shares. Big Bear has taken up all of the Blue Range common shares validly tendered. Big Bear has also extended its offer to 3:00 p.m. December 23, 1998 (Calgary Time) in order to allow the remaining Blue Range shareholders to tender their securities. Jeff Tonken, President and Chief Executive Officer of Big Bear said, "Big Bear is very pleased that most Blue Range shareholders have already accepted our offer. With many rapid developments towards the end of our bid, we have extended our offer to allow the remaining shareholders time to accept the offer. Big Bear plans to move quickly and efficiently through a short transition period so as not to jeopardise the momentum of our winter drilling season." Big Bear Exploration Ltd. is a Calgary based oil and gas company listed on The Toronto Stock Exchange under the symbol "BDX". ---------------------------------------------------------------------- Graham Shares in Blue Range are approaching their 52-week low of $3.90 which was made last September. From that point, shares increased as the market increased - specifically the oil and gas companies. Shares jumped to over $6.00 on the hostile buy-out news. The price remained in that range for awhile and then began to decline. I believe the market reacted favorably to the bid and then further anticipated a white knight would appear to up the offer. In the meantime, shares in natural gas producers were dropping due to the building of storage supply due to the above normal temperatures we are experiencing. The share drop Friday was due to Blue Range's announcement that there weren't any takers, in addition to the short term outlook with gas producers --- not on news that Big Bear was successful in their bid. Blue Range had failed to find a white knight and the credibility of management has been damaged further. I was the one who made a brief comment about their assets. I don't understand how a company could buy Blue Range's "natural gas" assets so cheap. NAV was north of $9.00 beginning 1998. If that was a sound number at this time, there should of been companies clamoring at the bit to compete against Big Bears bid. One other thing of mention is that the Blue Range news release was never issued in Canada. You can find it at the Korner. Although Blue Range did obtain several alternative proposals, none were satisfactory and all were rejected by the board of directors. The board of directors has withdrawn its prior rejection of the Big Bear bid and is making no recommendation in respect of the Big Bear bid. They had no choice.