Murphy Oil Sells Canadian Assets

Murphy Oil Company Ltd. has agreed to sell its interests in various Canadian oil and natural gas properties for consideration of $35 million. During the full year of 2002, Murphy's net daily production after royalty from these properties combined was around 1,500 barrels of oil equivalent a day and reserves recorded at year end 2002 were 4.7 million barrels. The effective date of the transaction is March 1, 2003, with closing expected in June, 2003. Financial details of the transaction were not disclosed.