Burlington Announces Investment Canada Approval.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Nov. 30, 2001 Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas. Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth. Inc. (NYSE NYSE See: New York Stock Exchange :BR) today announced that it has received approval under the Investment Canada Act Canada Act, also called the Constitutional Act of 1982, which made Canada a fully sovereign state. The British Parliament approved it on Mar. 25, 1982, and Queen Elizabeth II proclaimed it on Apr. 17, 1982. to complete Burlington's offer to acquire all of the common shares of Canadian Hunter. "We are very pleased to have obtained the approval of the Honourable Brian Tobin Brian Vincent Tobin, PC (born October 21, 1954) is a Canadian politician. Tobin was born in in Stephenville, Newfoundland. He studied political science at Memorial University in St. John's. , Minister of Industry, to proceed with this transaction," said Bobby S. Shackouls, Burlington Chairman, President and Chief Executive Officer. "At the close of this transaction, a substantial 40% of our operations will be in Canada. We have embraced our commitment to Canadian operations through a number of business commitments to Investment Canada that will deliver extensive benefits to Canada and Burlington shareholders." Burlington is committed to growing our Canadian asset base with a significant multi-year capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. program. These investments will support an aggressive drilling program in our combined Canadian operations, including at least $34 million of spending to apply its extensive unconventional gas expertise to evaluate the potential of coalbed methane Coalbed methane is a form of natural gas extracted from coal beds. In recent decades it has become an important source of energy in United States, Canada, and other countries. and tight gas sands in Canada. If successful, these efforts could lead to the ultimate discovery of substantial new natural gas reserves. Burlington also plans to employ the vast majority of the combined Canadian workforces and will encourage the exchange of technical knowledge and experience between Canadian and U.S. operations. The new Burlington Resources Canada leadership team will be selected from existing Burlington Resources Canada and Canadian Hunter management. "I am confident that Burlington's vision to develop Canada's energy resources will require many talented individuals and will provide exciting opportunities for Canadian Hunter's people," said Steve Savidant, President and Chief Executive Officer of Canadian Hunter. "In its community participation and philanthropy, Canadian Hunter has been a role model for the energy industry. Burlington also brings a high level of commitment to its community," said Mark Ellis Mark Ellis is the name of:
"Burlington is making a commitment to Canada, a commitment we believe is justified by the combination of Burlington Resources Canada and Canadian Hunter's asset base, upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar and outstanding people," Mr. Shackouls concluded. Burlington's offer to acquire the outstanding shares of Canadian Hunter expires at 5:00 pm Mountain Time on December 3, 2001. The board of directors of Canadian Hunter has unanimously recommended that shareholders of Canadian Hunter accept the offer. Headquartered in Houston, Texas, Burlington Resources is one of the world's largest independent oil and gas companies. The company has properties in the U.S., Canada, the United Kingdom, South America, Africa and China. Additional information is available on the Burlington Resources Web site at www.br-inc.com. FORWARD-LOOKING STATEMENT forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
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