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CALGARY SUN: BlackRock deal almost done: Shell receives 93% of shares

Fri, June 16, 2006

Shell Canada Ltd. has received 92.8% of BlackRock Ventures Inc.’s common shares, as its $2.4-billion takeover nears completion.

Shell announced today that wholly-owned subsidiary BR Oil Sands Corp. has taken up the shares, which will be paid for next week.

BR Oil Sands also declared its offer unconditional and extended it until June 27 to allow BlackRock shareholders more time to tender their shares.

On Tuesday, Shell received approvals for its bid, which was announced in May, from the federal industry minister and Competition Bureau.

Under the friendly takeover, Shell is offering $24 per BlackRock share, a 27% premium over the May 5 closing price of $18.88.

Shell Canada is a Calgary-based integrated oil company which has bitumen mining and upgrading operations in the Athabasca area, as well as in-situ facilities in Peace River.

BlackRock is an oilsands producer with operations in Lloydminster, Cold Lake and Peace River.

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