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NLIS 3
June 19, 2000
(Mines and Energy)


Minister welcomes proposed Husky/Renaissance Merger

Mines and Energy Minister Paul Dicks says the proposed merger of Husky Oil and Renaissance Energy Limited should have positive implications for the Newfoundland and Labrador offshore oil and gas industry.

The merger of the two Calgary-based companies will create one of the largest Canadian integrated oil and gas producers in terms of production and reserves.

"I am confident that this proposed merger will be good for the Newfoundland and Labrador Offshore," said Mr. Dicks. " Husky Oil�s shareholders, who will own 71.5 per cent of the new company, have demonstrated a firm commitment to the province. This merger will see Husky Oil�s senior management heavily involved in the new company, Husky Energy Inc. It will place the company in a much stronger position to focus on its east coast assets including White Rose, Terra Nova and its interests in 16 additional exploration and significant discovery licences."

The minister said the announcement is positive for the province when you consider that the new combined company will have a strong cash-generating asset base and enhanced financial flexibility to pursue strategic projects, including offshore Newfoundland and Labrador.

"Husky Oil is already one of the key players in our offshore. It is a leading operator and land owner in the Jeanne d�Arc Basin and we welcome their continued involvement in our major offshore projects," said Mr. Dicks. "We look forward to a long-term and mutually beneficial association with the new merged company."

Media contact: Gary Callahan, (709) 728-4890.

2000 06 19                                     3:30 p.m.


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