March 15, 2000
(Mines and Energy)

The following is being distributed at the request of Canada-Newfoundland Offshore Petroleum Board:

2000 CALL FOR BIDS

The Canada-Newfoundland Offshore Petroleum Board has announced that there will be a 2000 Call for Bids in the Newfoundland offshore area. The call will comprise 14 parcels, three located in the Jeanne d'Arc Basin (Parcels 1 to 3), four in the Carson Bonnition Basin (Parcels 4 to 7), six in the South Whale Basin (Parcels 8 to 13) and one adjacent to the Newfoundland west coast area (Parcel 14). These parcels comprise a total of 2,251,670 hectares.

Interested parties will have until 4:00 p.m. on November 15, 2000 to submit sealed bids. The sole criterion for selecting winning bids will be the total amount of money the bidder commits to spend on exploration of the respective parcel during the first five years. The minimum bid for parcels in the Jeanne d'Arc Basin, Carson Bonnition Basin and South Whale Basin is $1 million. The minimum bid for the west coast parcel is $250,000. Subject to ministerial approval, successful bidders will be issued an exploration licence for a term of nine years, during the first five years of which, a well must be drilled to validate the licence for the full nine year term.

For a complete copy of the text of this Call for Bids visit the C-NOPB website at: www.cnopb.nfnet.com.

For further information, please contact:

2000 03 15                                             1:00 p.m.