Berkana Announces Major Shareholder Has Agreed to Sell Common Shares

    TSX: BEC

    CALGARY, Nov. 30 /CNW/ - Berkana Energy Corp. ("Berkana") announced today
that it has entered into agreements with Quatro Resources Inc. ("Quatro") and
Murphy Oil Canada ("Murphy") permitting Quatro to make an all cash offer (the
"Offer") to acquire all of the outstanding common shares of Berkana. Murphy
has irrevocably agreed to tender its shares to the Offer at a price of
$1.96 per share, meaning Quatro will be able to acquire 100% of the
outstanding common shares at the Offer price through either a compulsory
acquisition procedure or a squeeze out transaction. The Board of Directors of
Berkana has determined that in such circumstances it will not make any
recommendation in connection with the Offer. A directors' circular will be
mailed to Berkana shareholders within the required time frame.

    Murphy Oil Canada is an entity owned by Murphy Oil Company Ltd., a
wholly-owned subsidiary of Murphy Oil Corporation (MUR).

    This news release contains statements regarding the potential sale of
shares of Berkana by Murphy Oil Canada, the possibility of a transaction
involving all of the outstanding shares of Berkana and other statements that
are not historical facts. Such forward looking statements are subject to
inherent risks, uncertainties and assumptions. The results or events predicted
in these forward-looking statements may differ materially from actual results
or events. As a result, you are cautioned not to place undue reliance on these
forward-looking statements.
    The forward-looking statements contained in this news release are made as
of the date of this release. We disclaim any intention and assume no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Additionally, we
undertake no obligation to comment on expectations of, or statements made by,
third parties in respect of the potential transactions.

    %SEDAR: 00002141E

For further information:

For further information: Robyn Lore, Managing Director,; Robb Thompson, CFO,;
Berkana Energy Corp., Suite 2100, 801 Sixth Avenue S.W., Calgary, Alberta, T2P
3W2, Telephone: (403) 221-7700, Fax: (403) 221-7719, Website:

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