Shell Canada Acquires 92.8% of BlackRock Ventures and Extends Offer

Shell Canada Limited

Shell Canada Limited (TSX: SHC) reports that as of 1:01 a.m. on June 16, 2006, approximately 99,778,511 common shares of BlackRock Ventures Inc. (TSX: BVI) have been validly deposited to the offer by BR Oil Sands Corporation, a wholly-owned subsidiary of Shell Canada, to acquire all of the common shares of BlackRock (including common shares issuable upon the exercise or surrender of any options or conversion of any convertible debentures). BR Oil Sands Corporation has taken up all such shares, which represent approximately 92.8% of the common shares of BlackRock on a fully-diluted basis, and will pay for such shares on June 21, 2006.

As a result of today's announcement, Shell Canada, through its wholly-owned subsidiary BR Oil Sands Corporation, has now declared its offer to acquire the common shares of BlackRock to be wholly unconditional.

BR Oil Sands Corporation has also extended its offer until 1:01 a.m. (Calgary time) on June 27, 2006 to allow BlackRock shareholders an additional opportunity to tender their shares, including shares issuable on the conversion of the convertible debentures, to its offer. A notice of extension will be mailed to BlackRock shareholders in the coming days.

Upon completion of a compulsory acquisition or subsequent acquisition transaction, BR Oil Sands Corporation intends to de-list the BlackRock shares from the Toronto Stock Exchange and cause BlackRock to apply to securities regulatory authorities to cease to be a reporting issuer. Shareholders are encouraged to tender their remaining BlackRock common shares, including shares issuable on the conversion of the convertible debentures, to the offer as soon as possible, and in any event prior to June 27, 2006, to receive prompt payment.

Shell Canada is a large Canadian integrated petroleum company with three major businesses. Exploration & Production explores for, produces and markets natural gas and natural gas liquids. Oil Sands is responsible for an integrated bitumen mining and upgrading operation in the Athabasca area of Alberta and the company's Peace River in situ bitumen business. Oil Products manufactures, distributes and markets refined petroleum products across Canada.

BlackRock Ventures is an oil sands producer with operations located exclusively in Canada. Current operations are located in three heavy-oil regions: the Peace River oil sands, the Cold Lake oil sands and the Lloydminster area.