Bow Valley Completes Plan of Arrangement


    TSX Trading Symbol: BVX

    CALGARY, April 30 /CNW/ - Bow Valley Energy Ltd. ("Bow Valley") (TSX -
BVX) announced today that it has completed the previously announced
arrangement under the Business Corporations Act (Alberta) involving Dana
Petroleum plc and Dana Petroleum (E&P) Limited, a subsidiary of Dana Petroleum
plc (collectively, "Dana"). Under the terms of the arrangement, Dana acquired
all of the issued and outstanding common shares of Bow Valley and Bow Valley
shareholders will receive $0.50 in cash for each such share.
    Shareholders of Bow Valley who have not already done so should submit
completed letters of transmittal and share certificates to the depositary
under the arrangement, Equity Transfer & Trust Company. Payment to
shareholders will be made following the receipt of such documents.

    Bow Valley is an oil and natural gas exploration, development and
production company with operations in the U.K. sector of the North Sea and in
Alaska. The common shares of Bow Valley trade on the TSX under the symbol BVX.
Additional information relating to Bow Valley may be found on the SEDAR
website at

    Certain information included in this news release may constitute
forward-looking information under applicable securities legislation.
Forward-looking information typically contains statements with words such as
"anticipate", "believe", "expect", "forecast", "plan", "intend", "estimate",
"propose", or similar words suggesting future outcomes or statements regarding
an outlook. Although Bow Valley believes that the expectations reflected in
such forward-looking information is reasonable, undue reliance should not be
placed on forward-looking information because Bow Valley can give no assurance
that such expectations will prove to be correct. Forward-looking information
is based on current expectations, estimates and projections that involve a
number of risks and uncertainties which could cause actual results to differ
materially from those anticipated by Bow Valley and described in the
forward-looking information. The forward-looking information contained in this
news release is made as of the date hereof and Bow Valley undertakes no
obligation to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise, unless so
required by applicable securities laws. The forward looking information
contained in this news release is expressly qualified by this cautionary

    %SEDAR: 00008379E

For further information:

For further information: Bow Valley Energy Ltd., Robert G. Moffat,
President and Chief Executive Officer, or C.W. Leigh Cassidy, Vice President,
Chief Financial Officer, Phone (403) 232-0292,

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