Proposed Acquisition of Nexen Inc. by CNOOC Limited Receives
Industry Canada Approval
CALGARY, Dec. 7, 2012 /PRNewswire/ - Nexen Inc. (TSX: NXY)
(NYSE: NXY) announced today that under the terms of the
Investment Canada Act, the Honourable Christian Paradis,
Minister of Industry, has approved the proposed acquisition of
Nexen by CNOOC Limited (CNOOC). No further approvals are required
in Canada.
"This is an important milestone in the process
and confirms our belief that this transaction provides a number of
significant benefits to Canada and
to Nexen," said Kevin Reinhart,
Nexen's interim President and CEO. "We remain focused on working
with CNOOC to bring this transaction to a close."
The closing of the acquisition remains subject
to the receipt of applicable government and regulatory approvals,
and the satisfaction or waiver of the other customary closing
conditions.
About Nexen
Nexen Inc. is a Canadian-based global energy company, listed on
the Toronto and New York stock exchanges under the symbol NXY.
Nexen is focused on three growth strategies: oil sands and shale
gas in western Canada and
conventional exploration and development primarily in the North
Sea, offshore West Africa and
deepwater Gulf of Mexico. Nexen
adds value for shareholders through successful full-cycle oil and
gas exploration and development, and leadership in ethics,
integrity, governance and environmental stewardship.
Forward-Looking Statements
Certain statements in this Release constitute
"forward-looking statements" (within the meaning of the United
States Private Securities Litigation Reform Act of 1995, as
amended) or "forward-looking information" (within the meaning of
applicable Canadian securities legislation). Such statements or
information (together "forward-looking statements") are generally
identifiable by the forward-looking terminology used such as
"anticipate", "believe", "intend", "plan", "expect", "estimate",
"budget", "outlook", "forecast" or other similar words. Any
statements as to possible timing and anticipated receipt of
required regulatory and court approvals for the arrangement with
CNOOC Limited; the ability of the parties to satisfy the conditions
to, and to complete, the transaction; the anticipated timing of the
closing of the transaction; and, changes in any of the foregoing
are forward-looking statements.
All of the forward-looking statements in this
Release are qualified by the assumptions that are stated or
inherent in such forward-looking statements. Although we believe
that these assumptions are reasonable based on the information
available to us on the date such assumptions were made, this list
is not exhaustive of the factors that may affect any of the
forward-looking statements and the reader should not place an undue
reliance on these assumptions and such forward-looking statements.
Nexen undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. The key assumptions that have been made
in connection with the forward-looking statements include the
following: the ability of the parties to the July 23, 2012 Arrangement Agreement to receive,
in a timely manner and on satisfactory terms, the necessary
regulatory, and other third party approvals, including but not
limited to the receipt of applicable foreign investment approval
required in the United States and
elsewhere and the required approvals from the Government of
the People's Republic of China and
in other foreign jurisdictions; and, the ability of the parties to
the Arrangement Agreement to satisfy, in a timely manner, the
conditions to the closing of the transaction.
Forward-looking statements are subject to
known and unknown risks and uncertainties and other factors, many
of which are beyond our control and each of which contributes to
the possibility that our forward-looking statements will not occur
or that actual results and achievements may differ materially from
those expressed or implied by such statements. Such factors
include, among others: the possible failure of Nexen and CNOOC
Limited to obtain necessary regulatory and other third party
approvals, including those noted above, or to otherwise satisfy the
conditions to the completion of the transaction, in a timely manner
or at all; if the transaction is not completed and Nexen continues
as an independent entity, there are risks that the announcement of
the transaction and the dedication of substantial resources of
Nexen to the completion of the transaction could have an impact on
Nexen's current business relationships (including with future and
prospective employees, customers, distributors, suppliers and
partners) and could have a material adverse effect on the current
and future operations, financial condition and prospects of Nexen;
the possible failure of Nexen to comply with the terms of the
Arrangement Agreement may result in Nexen being required to pay a
fee to CNOOC Limited, the result of which could have a
material adverse effect on Nexen's financial position and results
of operations and its ability to fund growth prospects and current
operations; and other factors, many of which are beyond our
control. Additional information on these and other factors that
could affect the completion of the transaction are included in the
information circular and proxy statement of Nexen dated
August 16, 2012, which has been filed
with the applicable securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com), the SEC's
website (www.sec.gov) and Nexen's website (www.nexeninc.com).The
impact of any one risk, uncertainty or factor on a particular
forward-looking statement is not determinable with certainty as
these factors are interdependent, and management's future course of
action would depend on our assessment of all information at that
time.
SOURCE Nexen Inc.
