The Canada-Newfoundland Offshore Petroleum Board today announced the results of the 2001 Call for Bids for exploration rights in the Newfoundland offshore area which closed on November 20, 2001. Bids were selected on nine of the fourteen parcels offered (see attached Land 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. 2 (237 645 hectares)
33.34%     Petro-Canada
33.33%     Norsk Hydro Canada Oil & Gas Inc.
33.33%     PanCanadian Petroleum Limited
$ 4,663,009.00

Parcel No. 5 (139 060 hectares)

100%     Husky Oil Operations Limited
$ 2,390,650.00

Parcel No. 6 (164 379 hectares)

100%     PanCanadian Petroleum Limited
$ 1,617,303.00

Parcel No. 7 (118 224 hectares)

100%     Husky Oil Operations Limited
$ 2,809,350.00

Parcel No. 9 (145 920 hectares)

100%     PanCanadian Petroleum Limited
$ 1,828,516.11

Parcel No. 11 (140 210 hectares)

100%     Ptarmigan Resources Ltd.
$ 285,000.00

Parcel No. 12 (103 040 hectares)

100%     Canadian Imperial Venture Corp
$ 278,620.97

Parcel No. 13 (83 060 hectares)

100%     Canadian Imperial Venture Corp
$ 519,557.26

Parcel No. 14 (65 060 hectares)

100%     Cabot Capital Ltd.
$ 281,200.00

Total

$ 14,673,206.34

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 nine parcels in January, 2002. The Licences will be for a term of nine years, with an initial period of five years.

For further information, please contact:

Susan E. Churchill
Legal Counsel
Tel: (709) 778-1408

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