Houston-based Burlington Resources Inc. said Friday that the Investment Canada Agency has advised the company that it will not be able complete its review of Burlington’s application under the Investment Canada Act to acquire Calgary-based Canadian Hunter Exploration Ltd. prior to the Nov. 20 deadline. Burlington said it intends to extend its takeover bid for the common shares of Canadian Hunter until Dec. 3 in order to accommodate the full 45-day review period provided by the act, and will mail notices of extension to Canadian Hunter shareholders. The board of directors of Canadian Hunter has unanimously recommended that company shareholders accept the offer. Canadian Hunter is an oil and natural gas producer, with gas comprising approximately 97% of its production and reserves. Burlington, a leading independent oil and gas firm, owns properties in the United States, Canada, the United Kingdom, South America, Africa and China. The $2.1 billion in cash (C$3.3 billion) takeover bid was first announced in early October (see Daily GPI, Oct. 10).

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