BR Announces Canadian Property Acquisitions.

Business & Energy Editors

HOUSTON--(BUSINESS WIRE)--Jan. 17, 2001

Burlington Resources Inc. (NYSE:BR) today announced agreements to acquire properties in the Western Canadian Sedimentary Basin with net proved reserves of approximately 297 billion cubic feet of gas equivalent (Bcfe) and net probable reserves of up to 200 Bcfe from Petrobank Energy and Resources Ltd. and ATCO Gas in two separate transactions totaling approximately US $385 million.

The Petrobank properties are located in the O'Chiese area of central Alberta and are adjacent to existing BR properties in the region. Approximately 46 Bcfe of net proved reserves were acquired for US $57 million. The purchased assets include approximately 22,000 net developed acres and 30,000 net undeveloped. Current net production is approximately 12 million cubic feet of natural gas and 225 barrels of liquids per day. The transaction closed on Jan. 16, 2001 with an effective date of Aug. 1, 2000.

The ATCO Viking-Kinsella properties are located approximately 75 miles southeast of Edmonton, Alberta and are contiguous with existing BR acreage. BR agreed to purchase the properties, which have net proved reserves of approximately 251 Bcfe, for US $328 million, before closing adjustments. The assets include producing and undeveloped acreage, as well as compressor stations and gathering lines. The properties comprise approximately 314,000 net acres over 500 sections with 25% of the total acreage held in fee. Current net production is approximately 35 million cubic feet of gas per day. The Company will institute a drilling and workover program, which in conjunction with new compression and facilities modifications, is anticipated to increase field net production to 70 to 80 million cubic feet of gas per day. The timing of the production increase will be contingent on the date of transaction closing. The transaction, which is effective Dec. 31, 2000, has been approved by the boards of both companies and is expected to close in the second quarter of 2001, following government and regulatory approval.

Bobby S. Shackouls, BR's Chairman, President and CEO commented, "Both of these acquisitions are ideal additions to the footprint we established in Canada with the Poco Petroleums acquisition. Both properties offer numerous opportunities for low risk drilling and future production growth and allow BR to apply the core competencies that it has developed in areas with similar producing characteristics."

Headquartered in Houston, Texas, Burlington Resources is one of the largest independent oil and gas companies in the world, with natural gas comprising approximately 80 percent of its reserves. The company has operations in the U.S., Canada, the United Kingdom, South America, Africa and China. Additional information on BR is available on the Company's Web site, located at www.br-inc.com.

FORWARD-LOOKING STATEMENTS

This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company's periodic reports filed with the Securities and Exchange Commission.