PROPERTY ACQUISITION / Husky Oil Ltd. To Buy East Coast Properties
From Talisman Energy & Gulf Canada Resources
HUSKY TO PURCHASE EAST COAST PROPERTIES FROM TALISMAN AND GULF
CALGARY, June 29 /CNW/ - Husky Oil Limited has reached agreement with
Talisman Energy Inc. and Gulf Canada Resources Limited to purchase a number of
properties off the East Coast of Canada including interests in White Rose,
Terra Nova, North Ben Nevis, Nautilus and Mara. A total of 12 significant
discovery areas in the Jeanne d'Arc Basin are included and approximately
22,000 net hectares (55,000 acres). Talisman will receive $50 million for its
lands and Gulf $20.66 million.
''This opportunity is an excellent strategic fit for Husky,'' says John
C. S. Lau, Chief Executive Officer of Husky Oil. ''It builds on our long-term
commitment to the East Coast as a significant part of our core business.''
''This is a win for all involved,'' said Talisman President and C.E.O.
Jim Buckee. ''The sale will allow us to focus our investment in higher
working interest core areas in Canada, the North Sea and Indonesia.''
Richard Auchinleck, President and C.E.O. of Gulf Canada, adds, ''While
Gulf remains committed to Canada's East Coast, this sale is part of Gulf's
planned divestitures of properties in which we hold small, non-operating
interests. This will permit us to reinvest funds into the Saint-Pierre &
Miquelon Southcoast block.''
Husky Oil Limited is a Canadian-based integrated oil and gas company
headquartered in Calgary, Alberta. The Company's operations include the
exploration for and development of crude oil and natural gas, as well as the
production, purchase, transportation, upgrading, refining and marketing of
crude oil, natural gas, natural gas liquids, sulphur and petroleum coke, and
the marketing of refined petroleum products, including asphalt.
Talisman Energy Inc. is a Canadian-based, international upstream oil and
gas producer with operations in Canada, the North Sea and Indonesia. The
Company is also conducting exploration in Algeria and Trinidad. Talisman's
shares are listed on the Toronto, Montreal and Vancouver stock exchanges in
Canada and the New York Stock Exchange in the United States under the symbol
TLM.
Gulf Canada Resources Limited is an international oil and natural gas
exploration and production company with operations in Canada, Indonesia, the
North Sea and Australia. Gulf's shares are listed on the Toronto and Montreal
stock exchanges in Canada and the New York Stock Exchange in the United States
under the symbol GOU.
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