BR Announces the Completion of Its Acquisition of Poco Petroleums Ltd.

HOUSTON--(BUSINESS WIRE)--Nov. 18, 1999--

Burlington Resources Inc. (NYSE:BR) and Poco Petroleums Ltd. (TSE:POC)(ME:POC) today announced the completion of the acquisition of Poco by Burlington. Each company's shareholders approved the transaction at separate meetings today and the transaction closed following approval of the plan of arrangement by the Court of Queen's Bench of Alberta.

Under the terms of the transaction, Poco shareholders will receive 0.25 BR common equivalent shares (exchangeable shares) for each Poco share held. The exchangeable shares are Canadian securities, which will begin trading on the Toronto Stock Exchange on Tuesday, Nov. 23, 1999 under the symbol BRX. These shares have the same voting rights, dividend entitlements and other attributes as BR shares of common stock and are exchangeable, at each shareholder's option, for BR common shares. BR is issuing approximately 40 million common equivalent shares to the Poco shareholders.

Poco, headquartered in Calgary, will operate as the Canadian division of BR North America. Terry McCoy, Poco's Vice President of Exploration, has been named a Vice President of Burlington Resources Oil & Gas Co. and will head the Canadian business unit.

Bobby Shackouls, Chairman, President and Chief Executive Officer of BR stated, "The combination of these two companies creates the premier independent North American natural gas company with almost 10 trillion cubic feet equivalent of reserves. The financial strength of BR, combined with the extremely high quality exploration inventory that Poco has accumulated, should provide significant growth and value creation opportunities for our shareholders."

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.