Nexen selling properties in southeast Saskatchewan

NAL Oil & Gas Trust, Calgary, and an unidentified institutional investor agreed to pay Nexen Inc., Calgary, $278.5 million (Can.) for its interest in a number of noncore properties in southeast Saskatchewan, Nexen said.

July 29, 2003

By OGJ editors
HOUSTON, July 29 -- NAL Oil & Gas Trust, Calgary, and an unidentified institutional investor agreed to pay Nexen Inc., Calgary, $278.5 million (Can.) for its interest in a number of noncore properties in southeast Saskatchewan, Nexen said.

The sale, expected to close Aug. 28, will be effective retroactive to July 1. During the first half of 2003, production from these properties averaged 9,400 boe/d.

"Proceeds from the sale of these properties will be used to reduce debt and improve our capacity to fund our major development projects over the next few years," said Nexen Pres. and CEO Charlie Fischer.