Gulf Indonesia Board Approves Acquisition by Conoco

The board of directors of Gulf Indonesia has reviewed and approved Conoco Canada's previously announced proposal to acquire all common shares of Gulf Indonesia not owned by Conoco Canada at a price of U.S.$13.25 per common share in cash. Conoco, Conoco Canada and Gulf Indonesia have executed a definitive Support Agreement in respect of the proposal. The transaction will be consummated through an all-cash tender offer to be governed by U.S. and Canadian securities laws.

The tender offer will commence shortly and will be made only by an offer to purchase and other offering documents, copies of which will be filed with the U.S. Securities and Exchange Commission and the appropriate Canadian provincial securities commissions and mailed to Gulf Indonesia shareholders. The tender offer is subject to customary terms and conditions, including the tender of a majority of the minority of Gulf Indonesia shares.