Nexen Shareholders Okay Two-for-one Split

At Nexen Inc.'s annual general and special meeting Thursday, shareholders overwhelmingly approved a two-for-one share split and confirmation of our revised by-laws.

We expect to mail the additional share certificates resulting from the share split on May 15, 2007 (mailing date) to shareholders of record as of the close of business on May 10, 2007 (record date). Following the share split, we will have approximately 526 million common shares outstanding.

Under Toronto Stock Exchange rules, our 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, our common shares will begin trading on a divided basis on May 16, 2007, one business day following the mailing date.

Following the split, the $0.05 per common share (pre-split) dividend, payable July 1, 2007 to shareholders of record on June 10, 2007, declared Thursday, will be adjusted to a $0.025 per common share (post-split) dividend.

Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY. We are uniquely positioned for growth in the North Sea, deep-water Gulf of Mexico, the Athabasca oil sands of Alberta, the Middle East and offshore West Africa.