Berkley Petroleum Corp., Calgary, is looking for other suitors in defense against Dallas-based Hunt Oil Co. 's C$10-a-share bid for the company. Hunt's offer is valued at $1.4 billion, including C$379 million of Berkley debt. "We believe Hunt Oil's $10-per-share offer significantly undervalues the company," says Michael Rose, Berkley president and chief executive officer. "We believe that our shareholders should be rewarded for their patience during the course of our seven-year exploration program, and [we] are therefore taking all necessary steps to ensure that existing shareholders receive maximum value for their shares." Berkley directors learned of the bid via Hunt's press release just after Christmas. "It is my personal view that the proposed Hunt offer is opportunistic and inadequate," Rose says. Berkley has assets in premier gas exploration areas of North America: the Northwest Territories, the Alberta Foothills, northeast British Columbia and the San Joaquin Basin in California. (For more on Berkley's San Joaquin interests, see "The Deep San Joaquin," December 1999, Oil and Gas Investor, or on its Foothills assets, see "Canadian Foothills," October 1998.) Hunt Oil already owned approximately 9.6% of the outstanding shares of Berkley. Ray L. Hunt, Hunt Oil chairman and CEO, says, "This transaction is consistent with our company's strategy of developing new core areas of activity in select regions around the world. It reflects our strong optimism in the potential of Canada's energy sector. It builds upon our existing presence in Canada by providing an expanded platform for the growth of our Canadian operations." Hunt Oil's Canadian business operates as Hunt Oil Co. of Canada Inc. , formerly known as Newport Petroleum Corp., which Hunt acquired in June, after its offer for Ulster Petroleums Ltd. was rejected. Craig S. Glick, Hunt senior vice president, adds, "We hope Berkley shareholders will receive our offer in the positive spirit in which it is made. They will have the opportunity to realize a significant cash premium over Berkley's recent market price." RBC Dominion Securities and Chase Securities are acting as financial advisors to Hunt Oil. Berkley has retained Peters & Co. Ltd. and Scotia Capital Inc.