Nexen Proposes Share Split
Nexen Inc. plans to implement a two-for-one division, or "share split" of Nexen's issued and outstanding common shares. The decision, which was approved by Nexen's Board on February 15, 2007, is subject to shareholder and regulatory approval.
"Since our last share split in May 2005, our share price has more than doubled," said Charlie Fischer, Nexen's President and Chief Executive Officer. "With Buzzard on stream and Long Lake nearing completion, we are entering a period of significant growth and are optimistic about the future of our company."
Shareholder approval will be sought at the company's annual general and special meeting of shareholders scheduled for April 26, 2007 in Calgary, Alberta. Subject to receipt of all approvals, Nexen expect to mail on May 15, 2007 (Mailing Date) the additional share certificates resulting from the share split to shareholders of record as of the close of business on May 10, 2007 (Record Date). Following the share split, the company will have approximately 525 million common shares outstanding.
Under Toronto Stock Exchange rules, Nexen's common shares will commence trading on a divided basis at the opening of business on May 8, 2007, the second trading day preceding the Record Date. Under New York Stock Exchange rules, the company's common shares will begin trading on a divided basis on May 16, 2007, one business day following the Mailing Date.
Nexen Inc. is an independent, Canadian-based global energy company that is positioned for growth in the North Sea, deepwater Gulf of Mexico, the Athabasca oil sands of Alberta, the Middle East and offshore West Africa.
Operates 2 Offshore Rigs
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