Interest Continues in all Regions of the Newfoundland and Labrador Offshore

With the latest land sale for exploration rights in the Newfoundland and Labrador offshore, existing players are strengthening their respective land holdings by acquiring land parcels adjacent to proven world-class reserves and highly prospective prospects, including the Western Newfoundland and Labrador Offshore Region.

The results of the 2009 Call for Bids were announced on Friday (November 20) by the Canada-Newfoundland and Labrador Offshore Petroleum Board. Bids totaling over $47 million were received for four parcels of land � two in the Laurentian Basin, one in the Jeanne D�Arc Basin, and one in the Anticosti Basin in Western Newfoundland and Labrador Offshore region.

�Successful competitive bids were received for all parcels in three different offshore regions, demonstrating the industry�s confidence in these areas to continue with exploration programs,� said the Honourable Kathy Dunderdale, Minister of Natural Resources. �This mix bodes well for our future as we build on our past successes and current knowledge of these areas.�

The bidding was dominated by existing players who continue to build their portfolio opportunities in the Newfoundland and Labrador offshore.

The bids are as follows:

Jeanne D�Arc Basin - NL09-01
Parcel 1 (9,558 hectares)
$36,800,000
Husky Oil Operations Limited (72.5 per cent)
Suncor Energy Inc. (27.5 per cent)

Laurentian Subbasin - NL09-02
Parcel 1 (290,070 hectares)
$8,000,210
ConocoPhillips Canada Resources Corp. (55 per cent)
BHP Billiton Petroleum (Laurentian) Corporation (45 per cent)
Parcel 2 (73,931 hectares)
$1,000,001
ConocoPhillips Canada Resources Corp. (64.0091 per cent)
BHP Billiton Petroleum (Laurentian) Corporation (35.9909 per cent)

Western Newfoundland and Labrador Offshore Region - NL09-03
Parcel 1 (140,210 hectares)
$1,200,000
Ptarmigan Energy Incorporated

For more information on the 2009 Calls for Bids, please visit the C-NLOPB web site at //www.cnlopb.nl.ca. 

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Media contact:
Tina Williams
Communications Specialist
Department of Natural Resources
709-729-5777, 728-2837
TinaWilliams@gov.nl.ca 

2009 11 23                                                   10:05 a.m.