Hurricane Hydrocarbons Ltd. - Independent Directors Appoint Independent Committee

Apr 18, 2001, 01:00 ET from Hurricane Hydrocarbons Ltd.

    CALGARY, April 18 /PRNewswire/ - The Independent Directors of the Board
 of Hurricane ("the Independent Directors") have considered the proposed offer
 of Central Asian Industrial Holdings N.V. ("CAIH") to acquire 18,400,000
 Common Shares of Hurricane Hydrocarbons Ltd ("Hurricane") at a price of
 C$10.25 per share.
     In response to this proposed offer, the Independent Directors have
 appointed an independent committee of the Board pursuant to Canadian
 Securities regulations, without prejudice to the declared position of the
 Board of Hurricane that the proposal of CAIH is not in compliance with the
 Shareholder's Agreement dated March 31, 2000 between CAIH and Hurricane. The
 task of this committee will be to determine who the valuator will be and to
 supervise the preparation of the formal valuation.
     It is the view of the Independent Directors that a formal valuation will
 demonstrate that the proposed price per share offered by CAIH is significantly
 lower than the value of a Hurricane share.
     Hurricane's shares trade on the Toronto Stock Exchange under the symbol
 HHL.A and in the United States on Nasdaq under the symbol HHLF. The company's
 website can be accessed at www.hurricane-hhl.com.
     The Toronto Stock Exchange has neither approved nor disapproved the
 information contained herein.
 
 

SOURCE Hurricane Hydrocarbons Ltd.
    CALGARY, April 18 /PRNewswire/ - The Independent Directors of the Board
 of Hurricane ("the Independent Directors") have considered the proposed offer
 of Central Asian Industrial Holdings N.V. ("CAIH") to acquire 18,400,000
 Common Shares of Hurricane Hydrocarbons Ltd ("Hurricane") at a price of
 C$10.25 per share.
     In response to this proposed offer, the Independent Directors have
 appointed an independent committee of the Board pursuant to Canadian
 Securities regulations, without prejudice to the declared position of the
 Board of Hurricane that the proposal of CAIH is not in compliance with the
 Shareholder's Agreement dated March 31, 2000 between CAIH and Hurricane. The
 task of this committee will be to determine who the valuator will be and to
 supervise the preparation of the formal valuation.
     It is the view of the Independent Directors that a formal valuation will
 demonstrate that the proposed price per share offered by CAIH is significantly
 lower than the value of a Hurricane share.
     Hurricane's shares trade on the Toronto Stock Exchange under the symbol
 HHL.A and in the United States on Nasdaq under the symbol HHLF. The company's
 website can be accessed at www.hurricane-hhl.com.
     The Toronto Stock Exchange has neither approved nor disapproved the
 information contained herein.
 
 SOURCE Hurricane Hydrocarbons Ltd.