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CNOOC, Nexen Agree to Extend 'Outside Date' of Arrangement Agreement to March 2, 2013

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Nexen (NYSE: NXY)
announced today that CNOOC (NYSE: CEO) and Nexen 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

See full press release

Posted-In: News Guidance Contracts Asset Sales M&A Global


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