Statoil Extends Offer for NAOSC

Statoil Canada Limited, a wholly-owned subsidiary of Statoil ASA has extended its all-cash offer to acquire all shares of North American Oil Sands Corporation (NAOSC) at a price of CAD 20 per share.

Pursuant to the requirements of applicable law, the Offer is now open for acceptance until 5 p.m. (Calgary time) on June 25, 2007, unless further extended or withdrawn.

As at the initial expiry time of the Offer, 5 p.m. (Calgary time) on June 11, 2007, all conditions of the Offer had been satisfied, other than the receipt of the required regulatory approvals. Statoil does not have any reason to believe that such approvals will not be received prior to the extended expiry date. Assuming such approvals are received prior to the extended expiry date and the other conditions of the Offer remain satisfied, Statoil Canada Limited anticipates taking-up those NAOSC securities tendered to the Offer at 5 p.m. (Calgary time) on June 25, 2007.

As at the initial expiry time, an aggregate of 102,174,576 shares of NAOSC had been tendered, representing approximately 93.5% of the issued and outstanding NAOSC shares on a fully-diluted basis.

Except for the extension of the Offer, the terms and conditions previously set forth in the Offer continue to be applicable in all respects. Statoil Canada Limited will mail a Notice of Extension to all holders of NAOSC securities.