Heritage Oil Limited - Statement re share price movement



    TORONTO, Sept. 18 /CNW/ - Heritage Oil Limited ("Heritage" or the
"Company") notes the recent movement in the Company's share price. The Company
confirms that it is in highly preliminary discussions with a third party
regarding a possible disposal of certain of its assets. These discussions may
or may not ultimately lead to an offer for the Company.
    A further announcement will be made, as appropriate, in due course.
    In accordance with Rule 2.10 of the Takeover Code (the 'Code'), Heritage
confirms that it has 250,662,692 ordinary shares and 3,993,120 exchangeable
shares of no par value in issue, each carrying one voting right in Heritage
and admitted to trading on the London Stock Exchange under the UK ISIN code
JE00B2Q4TN56 and CA4269283053.

    JPMorgan Cazenove Limited ('JPMorgan Cazenove'), which is authorised and
regulated in the United Kingdom by the Financial Services Authority, is acting
for Heritage and no-one else in connection with this announcement and will not
be responsible to anyone other than Heritage for providing the protections
afforded to its clients or for providing advice in relation to the contents of
this announcement, or for any other transaction, arrangement or matters
referred to in this announcement.

    Dealing disclosure requirements

    Under the provisions of Rule 8.3 of the Takeover Code, if any person is,
or becomes, 'interested' (directly or indirectly) in 1% or more of any class
of 'relevant securities' of Heritage, all 'dealings' in any 'relevant
securities' of Heritage (including by means of an option in respect of, or a
derivative referenced to, any such 'relevant securities') must be publicly
disclosed by no later than 3.30 pm (London time) on the London business day
following the date of the relevant transaction. This requirement will continue
until the date on which any offer becomes, or is declared, unconditional as to
acceptances, lapses or is otherwise withdrawn or on which the 'offer period'
otherwise ends. If two or more persons act together pursuant to an agreement
or understanding, whether formal or informal, to acquire an 'interest' in
'relevant securities' of Heritage, they will be deemed to be a single person
for the purpose of Rule 8.3.
    Under the provisions of Rule 8.1 of the Takeover Code, all 'dealings' in
'relevant securities' of Heritage by any potential offeror or Heritage, or by
any of their respective 'associates', must be disclosed by no later than 12.00
noon (London time) on the London business day following the date of the
relevant transaction.
    A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities
in issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.
    'Interests in securities' arise, in summary, when a person has long
economic exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option
in respect of, or derivative referenced to, securities.

    %SEDAR: 00010129E




For further information:

For further information: Heritage Oil Limited, Tony Buckingham, Paul
Atherton, Tel: +41 91 973 1800, +44 1534 873 000, (403) 234-9974, Email:
info@heritageoilltd.com; Financial Adviser, JPMorgan Cazenove Limited, Ian
Hannam, Barry Weir, Steve Baldwin, Tel: +44 (0) 20 7588 2828

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HERITAGE OIL CORPORATION

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