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Gold/Mining/Energy : Big Bear Exploration BDX -- Ignore unavailable to you. Want to Upgrade?

To: Glen Gordon who wrote (62)	4/10/1999 2:51:00 PM
From: Tupulak	Respond to of 77

Why let facts get in the way of a good story? I still think over the longer term the will survive but it may take 12 to 18 months to get out of the woods. A $16 BBL of Oil doesn't hurt either, hopefully it stays around this level. Curtis

To: Glen Gordon who wrote (62)	4/13/1999 8:19:00 AM
From: Tupulak	Read Replies (1) \| Respond to of 77

Canadian Company Press Release BDX 1999-04-13 (provided courtesy of Canadian Corporate News.) register to receive future releases by email from CCN Big Bear Exploration Has Agreed to Sell Properties CALGARY, ALBERTA-- THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Big Bear Exploration Ltd. announced today that it has agreed to sell properties currently producing approximately 2.5 mmcf/d of natural gas and 500 bbls/d of light oil for gross proceeds of approximately $11 million. The net proceeds of these sales will be used to reduce bank indebtedness to approximately $8 million. Big Bear has an additional $13 million of bank debt pursuant to a Bridge Acquisition Facility, which funds were borrowed and advanced on a secured basis to its wholly-owned subsidiary Blue Range Resource Corporation. Big Bear intends to extinguish this debt upon the successful completion of property sales of Blue Range. Big Bear's current production from properties not owned by its wholly-owned subsidiary Blue Range is approximately 825 boe/d consisting of 35 percent natural gas and 65 percent light oil. Big Bear also announced that additional claims have been asserted against Blue Range which have increased the total claims against Blue Range to approximately $272,913,000. Blue Range's estimated outstanding obligations and claims in order of priority, at present are approximately as follows: /T/ Facilities Lease Obligations: $ 32,529,000 Debtor in Possession Financing: $ 7,000,000 Secured Indebtedness owing to Blue Range Bank Syndicate: $109,876,000 Secured Indebtedness owing to Big Bear Exploration Ltd.: $ 13,046,000 Amount of Unsecured Accounts Payable: $ 29,462,000 Amount of Unsecured Terminated Claims for Gas Marketing Contracts: $ 81,000,000 ---------- Total Debt $272,913,000 /T/ It should be noted that to date claims in respect of gas marketing contracts which have been terminated, have been asserted against Blue Range which in aggregate exceed $81 million. The aggregate amount of these claims substantially exceed Blue Range's initial estimate of $49 million and additional claims are still expected to be asserted. Blue Range is in constant discussions with its creditors and is using its best efforts to quantify the value of these unsecured claims. In the event that all the creditor claims are determined to be valid, it appears that the net proceeds realizable from the sale of Blue Range's properties will be insufficient to pay in full, all the claims being asserted against Blue Range. Big Bear also announced that Blue Range obtained an order from the Court of Queen's Bench of Alberta extending the time period for Blue Range to remain under the protection of the Companies' Creditors Arrangement Act to June 30, 1999. Big Bear Exploration Ltd. is a Calgary based oil and gas company listed on The Toronto Stock Exchange under the symbol "BDX". -30- FOR FURTHER INFORMATION PLEASE CONTACT: Big Bear Exploration Ltd. Jeff Tonken President & Chief Executive Officer (403) 231-6361 or Big Bear Exploration Ltd. Rod Lebbert Sr. Vice President & Chief Operating Officer (403) 231-2494 or Big Bear Exploration Ltd. James W. Surbey Sr. Vice President, Corporate Development (403) 231-6434