Berkley Petroleum Co.'s current offering

On December 27, 2000, Hunt Oil Canadian Acquisition II Corporation, a wholly-owned subsidiary of Hunt Oil Company (collectively referred to as "Hunt Oil"), announced its intention to make an offer to acquire all of the outstanding common shares of Berkley Petroleum Corp. ("Berkley" or the "Company") for cash consideration of $10.00 per share.

On December 29, 2000, Berkley announced that its board of directors (the "Board") had formed a special committee of independent members of the Board (the "Special Committee") to consider alternatives to the unsolicited offer announced by Hunt Oil. Berkley has engaged Peters & Co. Limited ("Peters & Co.") and Scotia Capital Inc. ("Scotia Capital") as financial advisors to assist the Special Committee in investigating all alternatives to maximize shareholder value.

As part of their mandate, Peters & Co. and Scotia Capital will solicit merger, sale or recapitalization proposals from qualified interested parties. It is Berkley's intention to complete a corporate transaction that will provide its shareholders with enhanced value in the form of either cash consideration, publicly-listed securities of an equal or larger-size enterprise, or a combination thereof. Please open the Information Memorandum for additional details.