Hurricane Hydrocarbons Ltd. Independent Valuator Retained In Response To Proposed Unsolicited Partial Insider Bid

Apr 27, 2001, 01:00 ET from Hurricane Hydrocarbons Ltd.

    CALGARY, April 27 /PRNewswire/ - (HHLF: Nasdaq) (HHL.A: TSE) - Hurricane
 Hydrocarbons Ltd. ("Hurricane") announces that the Independent Committee of
 the Board of Directors of Hurricane has selected an independent valuator in
 connection with the unsolicited partial insider bid proposed to be made by its
 major shareholder, Central Asian Industrial Holdings, N.V. ("CAIH").
     The Independent Committee has selected Peters & Co. Limited of Calgary as
 the independent valuator to prepare a valuation of Hurricane under the
 direction of the Independent Committee and at CAIH's expense in accordance
 with Rule 61-501 of the Ontario Securities Act governing insider bids. The
 valuation is required to be included in CAIH's formal offer if and when CAIH
 makes such formal offer.
     The Independent Committee has also retained Davies Ward Phillips &
 Vineberg LLP as special legal advisors to advise it in connection with the
 CAIH bid.
     Pending the preparation of the independent valuation and assessment of
 alternatives to CAIH's offer, the Independent Committee on behalf of the Board
 of Hurricane has deferred the Separation Time under Hurricane's Shareholder
 Rights Plan to a future date to be determined by the Independent Committee.
 Under the terms of the Shareholder Rights Plan, the announcement by CAIH of
 its intention to make a take-over bid for the common shares of Hurricane
 started the clock running toward the separation of the Rights from the common
 shares. At the Separation Time, the Rights would begin to trade separately
 from the common shares. Management of Hurricane believes that it would be
 premature at this time to permit the Separation Time to occur in respect of
 the proposed bid.
     Hurricane is an international energy corporation engaged in the
 exploration, development, production, acquisition, refining and marketing of
 crude oil and refined products in the Republic of Kazakhstan. Hurricane's
 shares have increased in trading value from C$0.27 per share in September 1999
 to C$10.16 as of April 25, 2001 on the TSE. The company's share price closed
 at C$9.09 on April 12, 2001, before the announcement of the CAIH proposed
 offer.
     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 27 /PRNewswire/ - (HHLF: Nasdaq) (HHL.A: TSE) - Hurricane
 Hydrocarbons Ltd. ("Hurricane") announces that the Independent Committee of
 the Board of Directors of Hurricane has selected an independent valuator in
 connection with the unsolicited partial insider bid proposed to be made by its
 major shareholder, Central Asian Industrial Holdings, N.V. ("CAIH").
     The Independent Committee has selected Peters & Co. Limited of Calgary as
 the independent valuator to prepare a valuation of Hurricane under the
 direction of the Independent Committee and at CAIH's expense in accordance
 with Rule 61-501 of the Ontario Securities Act governing insider bids. The
 valuation is required to be included in CAIH's formal offer if and when CAIH
 makes such formal offer.
     The Independent Committee has also retained Davies Ward Phillips &
 Vineberg LLP as special legal advisors to advise it in connection with the
 CAIH bid.
     Pending the preparation of the independent valuation and assessment of
 alternatives to CAIH's offer, the Independent Committee on behalf of the Board
 of Hurricane has deferred the Separation Time under Hurricane's Shareholder
 Rights Plan to a future date to be determined by the Independent Committee.
 Under the terms of the Shareholder Rights Plan, the announcement by CAIH of
 its intention to make a take-over bid for the common shares of Hurricane
 started the clock running toward the separation of the Rights from the common
 shares. At the Separation Time, the Rights would begin to trade separately
 from the common shares. Management of Hurricane believes that it would be
 premature at this time to permit the Separation Time to occur in respect of
 the proposed bid.
     Hurricane is an international energy corporation engaged in the
 exploration, development, production, acquisition, refining and marketing of
 crude oil and refined products in the Republic of Kazakhstan. Hurricane's
 shares have increased in trading value from C$0.27 per share in September 1999
 to C$10.16 as of April 25, 2001 on the TSE. The company's share price closed
 at C$9.09 on April 12, 2001, before the announcement of the CAIH proposed
 offer.
     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.