Dec 4 (Reuters) - Orca Exploration Group Inc ORCb.V :
* ORCA ENERGY GROUP INC - INTENDS TO COMMENCE A SUBSTANTIAL ISSUER BID OF UP TO C$40 MILLION
* ORCA ENERGY GROUP INC - WILL OFFER TO PURCHASE FOR CANCELLATION A PORTION OF ITS CLASS B SUBORDINATE VOTING SHARES AT C$6.50 - C$7.50 PER SHARE