Anderson Exploration Completes Sale of US$400M Notes

On March 14, 2001, Anderson Exploration Ltd. completed the sale of US$400 million principal amount of 6.75 per cent senior unsecured notes due 2011 to purchasers in the United States. The notes were sold at a price of 99.534 per cent per note to yield 6.815 per cent to maturity. Net proceeds from the sale were used to repay bank indebtedness incurred by Anderson in connection with its February 2001 acquisition of Numac Energy Inc. The sale of the notes was the first offering by Anderson under its short-form base shelf prospectus dated March 7, 2001, which provides for the issuance of up to US$800 million of debt securities over a 25-month period. The base shelf prospectus was filed in Alberta and the United States under the multijurisdictional disclosure system.

Acting for Anderson was Bennett Jones LLP’s Calgary office, led by Renée M. Ratke, Will Osler, Jon Truswell and Brent Kraus (corporate/securities) and Phil Backman and Alan Rubin (banking). Paul, Weiss, Rifkind, Wharton & Garrison acted as US counsel to Anderson. Acting for the underwriters were Pat Finnerty, Carrie Giroux and Scott Cochlan of Blake, Cassels & Graydon LLP in Canada and Brown & Wood LLP in the United States.