The Canada-Newfoundland Offshore Petroleum Board today announced the results of the 2004 Call for Bids for exploration rights in the Newfoundland and Labrador offshore area that closed on November 17, 2004. Bids were received on 5 of the 5 parcels offered. All the bid parcels are located in the Jeanne d’Arc Basin (see attached Land Plat).

The Bids represent the expenditures that 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 accepted:

Parcel 1
(91 107 ha)
Husky Oil Operations Limited*     50%
Petro-Canada     50%
$ 28,000,000

Parcel 2
(52 125 ha)
Husky Oil Operations Limited*     100%
$ 18,000,000

Parcel 3
(84 270 ha)
Husky Oil Operations Limited*     100%
$ 1,000,560

Parcel 4
(35 674 ha)
Petro-Canada*     50%
Norsk Hydro     50%
$ 16,000,000

Parcel 5
(7,080 ha)
ExxonMobil Canada Properties*     28.125%
Chevron Canada Resources     26.875%
Petro-Canada Hibernia Partnership     20.00%
Canada Hibernia Holding Corporation     8.5%
Murphy Atlantic Offshore Oil Company Ltd.     6.5%
ExxonMobil Canada Hibernia Company Ltd.     5.0%
Norsk Hydro Canada Oil & Gas Inc.     5.0%
$ 8,125,500

* refers to representative

Total

$ 71,126,060

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 5 parcels in January 2005. The Licences will be for a term of nine years, with an initial period of five years.

For further information, please contact:

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

Media Contact:
Simone Keough APR
Manager, Communications
(709) 778-1418
(709) 687-7429 (cell)