----- Original Message -----
From: Gene Cramer
Sent: Monday, February 12, 2001 11:36 AM
Subject: EnLG 2002feb12 Anadarko buys Canadian Gas Fields
ANADARKO TO PURCHASE CANADA'S BERKLEY PETROLEUM FOR US$1 BILLION
HOUSTON, Feb. 12 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) announced it has entered into an agreement to acquire Canadian-based Berkley Petroleum Corporation (Toronto: BKP) for C$11.40 per share in cash for an equity value of US$777 million plus the assumption of debt estimated at US$250 million.
The deal is expected to close the week of March 12. Anadarko will initially fund the acquisition with existing cash and available committed credit facilities. By year-end, the company expects to have funded the deal from excess cash flow and the proceeds from several hundred million dollars of property sales.
Berkley Petroleum is an Exploration and Production Company focused on the Western Canadian Sedimentary Basin in Alberta, northeastern British Columbia, Northwest Territories and southeastern Saskatchewan. Anadarko estimates Berkley holds 95 million barrels of oil equivalent (BOE) of net proved reserves (after royalties) --- approximately 70 percent of which is natural gas. Current average daily net production is 10,900 barrels of oil and 116 million cubic feet of natural gas (14,500 barrels of oil and 155 million cubic feet of natural gas per day on a working interest basis).
Anadarko will hold 4.7 million acres net (3.5 million undeveloped net, 1.2 million developed net) in Canada in all the major Canadian exploration gas plays, particularly in northeastern British Columbia, the Alberta foothills, the Northwest Territories, the Scotian Shelf and the Mackenzie Delta.
Houston-based Anadarko Petroleum Corporation is the world's largest independent E&P company, with proved reserves totaling 2.06 billion BOE at year-end 2000