CALGARY, Jan. 27, 2013 /PRNewswire/ - Nexen Inc. ("Nexen")
(TSX, NYSE: NXY) announced today that CNOOC Limited and Nexen Inc.
have mutually agreed to extend the "Outside Date" of the
Arrangement Agreement by 30 days to March 2,
2013.
The Outside Date was originally January
31, 2013. Either party may, except in certain circumstances,
extend the Outside Date from time to time if the required
regulatory approvals have not been obtained, provided that in
aggregate such extensions shall not exceed 75 business days from
January 31, 2013.
In connection with the extension, Nexen also announced that it
will postpone the release of its 2012 fourth quarter and annual
operating and financial results.
Completion of the Agreement remains subject to
the receipt of United States
regulatory approval and the satisfaction or waiver of other
customary closing conditions. Key regulatory approvals have been
received from Canada, the
United Kingdom, the European Union
and the People's Republic of
China.
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 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 the required approvals from 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.
