The Canada-Newfoundland and Labrador Offshore Petroleum Board today announced the results of the 2005 Call for Bids for exploration rights in
the Newfoundland and Labrador Offshore Area, which closed on December 1, 2005 (see attached land plat). Bids were received on five of the seven parcels offered.
Three of the successful bid parcels are located in the Jeanne d’Arc Basin (parcels 1,2,3) and the remaining two are located in the Western
Newfoundland and Labrador Offshore Region (parcels 6 and 7).

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 accepted:

Parcel 1
(13,485 ha)
Husky Oil Operations Limited*
100%
$ 1,500,000

Parcel 2
(28,457 ha)
Petro-Canada*
100%
$ 2,296,896

Parcel 3
(2,130 ha)
Husky Oil Operations Limited*
100%
$ 35,000,000

Parcel 6
(96,100 ha)
554568 Alberta Ltd.
Strategic Concepts, Inc.
Ptarmigan Resources Ltd.*

40%
40%
20%
$ 260,000

Parcel 7
(159,872 ha)
Vulcan Minerals Inc.*
3076101 Nova Scotia Ltd.

50%
50%

$ 512,012

* refers to representative

Total

$39,568,908

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 five parcels in January 2006. The Licences will be for a term of nine years, with an initial period of five years.

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