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|Anadarko to Complete Berkley Acquisition|
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CALGARY, Alberta, March 15 -- Anadarko Petroleum Corporation (NYSE: APC) announced today that holders of approximately 94 percent of the shares of Berkley Petroleum Corp. (Toronto: BKP) have tendered their stock, and Anadarko expects to take control of Berkley on Friday, March 16, 2001.
The 100,596,594 shares tendered by Berkley shareholders will be acquired on Friday, March 16, 2001, for C$11.40 a share by Anadarko Canada Acquisition Corporation, an indirect, wholly owned subsidiary of Anadarko Petroleum Corporation.
Anadarko will acquire the remaining shares not already tendered under the compulsory acquisition procedures of the Business Corporations Act (Alberta).
In special meetings to be held in Calgary on Friday, March 16, 2001, a new Board of Directors and new company officers will be named.
"We're extremely pleased to be completing this acquisition as planned," said Robert J. Allison, Jr., Anadarko Chairman and Chief Executive Officer. "We are taking steps to retain most of Berkley's employees, and we'll be integrating the company's employees and operations immediately. We want to ensure a smooth transition and maintain an accelerated growth pace for our Canadian operation," he added.
"A revised capital program for all our Canadian assets will be announced shortly, along with an update of our overall Canadian operations," Allison added.
Berkley will be combined with Anadarko Canada Acquisition Corporation and continue as Anadarko Canada Energy Ltd., which will be an indirect, wholly owned subsidiary of Anadarko Petroleum Corporation.
Houston-based Anadarko Petroleum Corporation is the world's largest independent E&P company, with proved reserves of more than 2 billion barrels of oil equivalent. Domestically, it has operations in Texas, Louisiana, the Mid-Continent and Rocky Mountain regions, Alaska and in the shallow and deep waters of the Gulf of Mexico. Anadarko is the most active driller in North America. Internationally Anadarko is active in Canada, Algeria, Tunisia, Egypt, West Africa, Guatemala, Venezuela, Argentina, Brazil, Georgia, the North Atlantic and Australia.
This news release contains forward-looking statements and projections made in reliance of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Anadarko believes that these forward-looking statements are based on current, reasonable and complete information and assumptions. However, a number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. While Anadarko makes these forward-looking statements in good faith, neither Anadarko nor its management can guarantee that the anticipated future results will be achieved. Reference should be made to Anadarko's Securities and Exchange Commission filings for additional important factors that may affect actual results, including the section entitled "Additional Factors Affecting Business" in the Management's Discussion and Analysis (MD&A) included in the company's 1999 Annual Report on Form 10-K. SOURCE Anadarko Petroleum Corporation
CONTACT: media, Nadine Barber, 403-231-0509, or Anne Pearson, 281-876-8368, or investors, Paul Taylor, 281-874-3471, or David Larson, 281-874-3265, all of Anadarko Petroleum Corporation