The Canada-Newfoundland Offshore Petroleum Board today announced the results of the 2000 Call for Bids for exploration rights in the Newfoundland offshore area which closed on December 11, 2000. Bids were selected on ten of the fourteen parcels offered (see attached plats). The Bids represent the expenditures which the bidders commit to make in exploring the parcels during the initial 5-year period of a 9-year term exploration licence.

The following bids have been conditionally selected:

Parcel No. 1 (39 957 hectares)
100%     Husky Oil Operations Limited
$3,026,000.00

Parcel No. 2 (24 467 hectares)
100%     Husky Oil Operations Limited
$12,047,000.00

Parcel No. 5 (215 875 hectares)
100%     PanCanadian Petroleum Limited
$1,586,300.00

Parcel No. 7 (188 420 hectares)
50%     Petro-Canada
50%     Norsk Hydro Canada Oil & Gas Inc.
$55,124,660.00

Parcel No. 8 (220 140 hectares)
100%     Husky Oil Operations Limited
$4,012,000.00

Parcel No. 9 (220 140 hectares)
100%     Husky Oil Operations Limited
$6,027,000.00

Parcel No. 10 (221 400 hectares)
100%     Polaris Resources Ltd.
$1,800,000.13

Parcel No. 11 (221 400 hectares)
100%     Polaris Resources Ltd.
$1,300,000.13

Parcel No. 13 (222 630 hectares)
100%     Polaris Resources Ltd.
$2,500,000.13

Parcel No. 14 (31 068 hectares)
100%     Corridor Resources Inc.
$1,204,000.00

Total

$ 88,626,960.39

Subject to Ministerial approval and the bidders satisfying the requirements specified in the Call for Bids, the Board will issue an Exploration Licence for each of the ten parcels in January, 2001. The Licences will be for a term of nine years, with an initial period of five years.

For further information, please contact:

D. Angus Taylor
Manager, Legal and Land
Tel: (709) 778-1458

Edsel Bonnell
Media Consultant
Tel: (709) 778-1440