Nexen Closes Heavy Oil Asset Sale

Nexen has closed the sale of its heavy oil properties in Western Canada to Northern Blizzard Resources Inc. for $975 million (before closing adjustments and costs). These properties produced approximately 15,000 boe/d in the second quarter and had proved reserves of 39 million boe at December 31, 2009.

"We have achieved excellent value on the sale of these assets," said Marvin Romanow, Nexen's President and CEO. "With the completion of this sale, we have met our target of generating $1 billion of proceeds from the sale of non-core assets. We now expect to generate over $1.5 billion from all asset sales once we complete our disposition program which includes the sale of our interest in Canexus over the next 12 to 18 months."

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