The Canada-Newfoundland and Labrador Offshore Petroleum Board today announced the results of the 2007 Call for Bids NL07-2 (Labrador Offshore Region) for exploration rights in the Newfoundland and Labrador Offshore Area (see attached land plat for NL07-2). Bidding closed at 4:00 p.m. on September 10, 2008 and successful bids were received on 4 parcels totaling $186,430,680.

The bids represent the expenditures which the bidders commit to make in exploring the parcels during the initial 6-year period of a 9-year term exploration licence. If companies discover significant quantities of petroleum resources as a result of the exploration work, they may then seek a Significant Discovery Licence from the C-NLOPB. Any Significant Discovery Licences issued in respect of lands resulting from these exploration licences will be subject to rentals which will escalate over time.

The following bids have been accepted:

Parcel 1
Husky Oil Operations Limited (100%)
$ 10,162,800

Parcel 2
Vulcan Minerals Inc. (50%)
Investcan Energy Corporation (50%)
$ 9,601,000

Parcel 3
Husky Oil Operations Limited (75%)
Suncor Energy Inc. (25%)
$ 120,166,880

Parcel 4
Chevron Canada Limited (100%)

$ 46,500,000

Total
$186,430,680

Subject to the bidders satisfying the requirements specified in the Call for Bids and Ministerial approval, the Board will issue an Exploration Licence for each of the four parcels in November 2008. The Licences will be for a term of nine years, with an initial period of six years.

MEDIA CONTACT:

Sean Kelly APR
Manager, Public Relations
(709) 778-1418
(709) 689-0713 (Cell)
skelly@cnlopb.nl.ca