Nexen Sells Non-Core Canadian Properties

Nexen Inc. is selling its interest in a number of non-core properties in Southeast Saskatchewan to NAL Oil & Gas Trust and an institutional investor for $278.5 million. The sale is effective July 1, 2003 and is expected to close August 28, 2003. During the first half of 2003, production from these properties averaged approximately 9,400 barrels of oil equivalent per day.

"Proceeds from the sale of these properties will be used to reduce debt and improve our capacity to fund our major development projects over the next few years," commented Charlie Fischer, President and CEO.

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