Nexen Inc.
TSX : NXY
NYSE : NXY

Nexen Inc.

October 04, 2007 15:09 ET

Nexen Successful at Gulf of Mexico Lease Sale

CALGARY, ALBERTA--(Marketwire - Oct. 4, 2007) - Nexen Inc. announced today its successful participation in the Central Gulf of Mexico Outer Continental Shelf Lease Sale 205, held October 3, 2007 in New Orleans, Louisiana.

We were the high bidder on 30 offshore blocks with bids totaling approximately $113 million net to Nexen. These awards are subject to the approval of the Minerals Management Service section of the U.S. Department of the Interior, which is expected to occur before the end of the year. Nexen's current deep-water portfolio totals approximately 230 blocks.

"This further solidifies our position in the deep-water of the Gulf of Mexico," commented Charlie Fischer, President and CEO. "We were able to capture a number of exciting sub-salt blocks in the lease sale, which adds to our significant portfolio of exploration opportunities."

Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY. We are uniquely positioned for growth in the North Sea, deep-water Gulf of Mexico, the Athabasca oil sands of Alberta, the Middle East and offshore West Africa. We add value for shareholders through successful full-cycle oil and gas exploration and development and leadership in ethics, integrity and environmental protection.

Contact Information

  • Lavonne Zdunich, CA
    Analyst, Investor Relations
    (403) 699-5821
    or
    Sean Noe, P.Eng
    Analyst, Investor Relations
    (403) 699-4494
    or
    Nexen Inc.
    801 - 7th Ave SW
    Calgary, Alberta, Canada T2P 3P7
    Website: www.nexeninc.com