EX-99
3
ex99-1form8k_120104.txt
EXHIBIT 99.1
EXHIBIT 99.1
------------
[NEXEN LOGO OMITTED]
NEXEN INC. 801 - 7th Ave SW
Calgary, AB Canada T2P 3P7
T 403 699.4000 F 403 699.5776
www.nexeninc.com
N E W S R E L E A S E
For immediate release
NEXEN COMPLETES UK NORTH SEA ACQUISITION FOR US$2.1 BILLION
CALGARY, ALBERTA, DECEMBER 1, 2004 - NEXEN INC. has completed today the
acquisition of EnCana Corporation's UK subsidiary, EnCana (U.K.) Limited, for
US$2.1 billion. This acquisition includes EnCana's interests in the world-class
Buzzard discovery, along with the Scott and Telford producing fields, plus other
satellite discoveries, and interests in exploratory blocks totalling
approximately 740,000 net undeveloped acres. We also gain a proven UK management
and technical team with an excellent track record.
"This acquisition firmly establishes us as a significant player in the North
Sea, with current production, high quality operated infrastructure and built in
growth from the Buzzard development", commented Charlie Fischer, Nexen's
President and Chief Executive Officer.
Nexen Inc. is an independent, Canadian-based global energy and chemicals
company, listed on the Toronto and New York stock exchanges under the symbol
NXY. We are uniquely positioned for growth in the North Sea, the Gulf of Mexico,
the Athabasca oil sands of Alberta, the Middle East and West Africa. We add
value for shareholders through successful full-cycle oil and gas exploration and
development, a growing industrial bleaching chemicals business, and leadership
in ethics, integrity and environmental protection.
For further information, please contact:
KEVIN FINN
Vice President, Investor Relations
(403) 699-5166
801 - 7th Ave SW
Calgary, Alberta, Canada T2P 3P7
Visit our website: WWW.NEXENINC.COM
FORWARD LOOKING STATEMENTS
CERTAIN STATEMENTS IN THIS REPORT CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN
THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995, SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED, AND SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED. SUCH STATEMENTS ARE GENERALLY IDENTIFIABLE BY THE TERMINOLOGY USED SUCH
AS "INTEND", "PLAN", "EXPECT", "ESTIMATE", "BUDGET", "OUTLOOK" OR OTHER SIMILAR
WORDS.
THE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO KNOWN AND UNKNOWN RISKS AND
UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, LEVELS OF
ACTIVITY AND ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED
BY SUCH STATEMENTS. SUCH FACTORS INCLUDE, AMONG OTHERS: MARKET PRICES FOR OIL
AND GAS AND CHEMICALS PRODUCTS; THE ABILITY TO EXPLORE, DEVELOP, PRODUCE AND
TRANSPORT CRUDE OIL AND NATURAL GAS TO MARKETS; THE RESULTS OF EXPLORATION AND
DEVELOPMENT DRILLING AND RELATED ACTIVITIES; FOREIGN-CURRENCY EXCHANGE RATES;
ECONOMIC CONDITIONS IN THE COUNTRIES AND REGIONS WHERE NEXEN CARRIES ON
BUSINESS; ACTIONS BY GOVERNMENTAL AUTHORITIES INCLUDING INCREASES IN TAXES,
CHANGES IN ENVIRONMENTAL AND OTHER LAWS AND REGULATIONS; RENEGOTIATIONS OF
CONTRACTS; AND POLITICAL UNCERTAINTY, INCLUDING ACTIONS BY INSURGENT OR OTHER
ARMED GROUPS OR OTHER CONFLICT. THE IMPACT OF ANY ONE FACTOR ON A PARTICULAR
FORWARD-LOOKING STATEMENT IS NOT DETERMINABLE WITH CERTAINTY AS SUCH FACTORS ARE
INTERDEPENDENT UPON OTHER FACTORS, AND MANAGEMENT'S COURSE OF ACTION WOULD
DEPEND ON ITS ASSESSMENT OF THE FUTURE CONSIDERING ALL INFORMATION THEN
AVAILABLE. ANY STATEMENTS AS TO POSSIBLE COMMERCIALITY, DEVELOPMENT PLANS,
CAPACITY EXPANSIONS, DRILLING OF NEW WELLS, ULTIMATE RECOVERABILITY OF RESERVES,
FUTURE PRODUCTION RATES, CASH FLOWS AND CHANGES IN ANY OF THE FOREGOING ARE
FORWARD-LOOKING STATEMENTS.
ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS CONVEYED BY THE FORWARD-LOOKING
STATEMENTS ARE REASONABLE BASED ON INFORMATION AVAILABLE TO US ON THE DATE SUCH
FORWARD-LOOKING STATEMENTS WERE MADE, NO ASSURANCES CAN BE GIVEN AS TO FUTURE
RESULTS, LEVELS OF ACTIVITY AND ACHIEVEMENTS. READERS SHOULD ALSO REFER TO ITEMS
7 AND 7A IN OUR 2003 ANNUAL REPORT ON FORM 10-K FOR FURTHER DISCUSSION OF THE
RISK FACTORS.

EX - 99 3 ex99 - 1form8k _ 120104 . txt EXHIBIT 99 . 1 EXHIBIT 99 . 1 ------------ [ NEXEN LOGO OMITTED ] NEXEN INC . 801 - 7th Ave SW Calgary , AB Canada T2P 3P7 T 403 699 . 4000 F 403 699 . 5776 www.nexeninc.com N E W S R E L E A S E For immediate release NEXEN COMPLETES UK NORTH SEA ACQUISITION FOR US$ 2.1 BILLION CALGARY , ALBERTA , DECEMBER 1 , 2004 - NEXEN INC . has completed today the acquisition of EnCana Corporation 's UK subsidiary , EnCana ( U . K . ) Limited , for US$ 2.1 billion . This acquisition includes EnCana 's interests in the world - class Buzzard discovery , along with the Scott and Telford producing fields , plus other satellite discoveries , and interests in exploratory blocks totalling approximately 740,000 net undeveloped acres . We also gain a proven UK management and technical team with an excellent track record . " This acquisition firmly establishes us as a significant player in the North Sea , with current production , high quality operated infrastructure and built in growth from the Buzzard development " , commented Charlie Fischer , Nexen 's President and Chief Executive Officer . Nexen Inc . is an independent , Canadian - based global energy and chemicals company , listed on the Toronto and New York stock exchanges under the symbol NXY . We are uniquely positioned for growth in the North Sea , the Gulf of Mexico , the Athabasca oil sands of Alberta , the Middle East and West Africa . We add value for shareholders through successful full - cycle oil and gas exploration and development , a growing industrial bleaching chemicals business , and leadership in ethics , integrity and environmental protection . For further information , please contact : KEVIN FINN Vice President , Investor Relations ( 403 ) 699 - 5166 801 - 7th Ave SW Calgary , Alberta , Canada T2P 3P7 Visit our website : WWW.NEXENINC.COM FORWARD LOOKING STATEMENTS CERTAIN STATEMENTS IN THIS REPORT CONSTITUTE " FORWARD - LOOKING STATEMENTS " WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 , SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934 , AS AMENDED , AND SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933 , AS AMENDED . SUCH STATEMENTS ARE GENERALLY IDENTIFIABLE BY THE TERMINOLOGY USED SUCH AS " INTEND " , " PLAN " , " EXPECT " , " ESTIMATE " , " BUDGET " , " OUTLOOK " OR OTHER SIMILAR WORDS . THE FORWARD - LOOKING STATEMENTS ARE SUBJECT TO KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS , LEVELS OF ACTIVITY AND ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH STATEMENTS . SUCH FACTORS INCLUDE , AMONG OTHERS : MARKET PRICES FOR OIL AND GAS AND CHEMICALS PRODUCTS ; THE ABILITY TO EXPLORE , DEVELOP , PRODUCE AND TRANSPORT CRUDE OIL AND NATURAL GAS TO MARKETS ; THE RESULTS OF EXPLORATION AND DEVELOPMENT DRILLING AND RELATED ACTIVITIES ; FOREIGN - CURRENCY EXCHANGE RATES ; ECONOMIC CONDITIONS IN THE COUNTRIES AND REGIONS WHERE NEXEN CARRIES ON BUSINESS ; ACTIONS BY GOVERNMENTAL AUTHORITIES INCLUDING INCREASES IN TAXES , CHANGES IN ENVIRONMENTAL AND OTHER LAWS AND REGULATIONS ; RENEGOTIATIONS OF CONTRACTS ; AND POLITICAL UNCERTAINTY , INCLUDING ACTIONS BY INSURGENT OR OTHER ARMED GROUPS OR OTHER CONFLICT . THE IMPACT OF ANY ONE FACTOR ON A PARTICULAR FORWARD - LOOKING STATEMENT IS NOT DETERMINABLE WITH CERTAINTY AS SUCH FACTORS ARE INTERDEPENDENT UPON OTHER FACTORS , AND MANAGEMENT 'S COURSE OF ACTION WOULD DEPEND ON ITS ASSESSMENT OF THE FUTURE CONSIDERING ALL INFORMATION THEN AVAILABLE . ANY STATEMENTS AS TO POSSIBLE COMMERCIALITY , DEVELOPMENT PLANS , CAPACITY EXPANSIONS , DRILLING OF NEW WELLS , ULTIMATE RECOVERABILITY OF RESERVES , FUTURE PRODUCTION RATES , CASH FLOWS AND CHANGES IN ANY OF THE FOREGOING ARE FORWARD - LOOKING STATEMENTS . ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS CONVEYED BY THE FORWARD - LOOKING STATEMENTS ARE REASONABLE BASED ON INFORMATION AVAILABLE TO US ON THE DATE SUCH FORWARD - LOOKING STATEMENTS WERE MADE , NO ASSURANCES CAN BE GIVEN AS TO FUTURE RESULTS , LEVELS OF ACTIVITY AND ACHIEVEMENTS . READERS SHOULD ALSO REFER TO ITEMS 7 AND 7A IN OUR 2003 ANNUAL REPORT ON FORM 10 - K FOR FURTHER DISCUSSION OF THE RISK FACTORS .
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY O O O O O O O O O O O O B-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY O O O O O O O O B-Parties.ACQUIRED_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O