CALGARY, Feb. 12, 2013 /CNW/ - Nexen Inc. ("Nexen", TSX, NYSE: NXY)
announced today that Nexen has received approval from the Committee on
Foreign Investment in the United States (CFIUS) with respect to the
proposed acquisition of Nexen by CNOOC Limited, and now has all of the
requisite approvals to proceed to close.
The transaction is expected to close the week of February 25, 2013 and
remains subject to customary closing conditions.
The letter of transmittal for the acquisition of common shares will be
mailed to registered shareholders shortly and is also available on
Nexen's website. For more information common shareholders may visit www.nexeninc.com\investorinfo.
About Nexen
Nexen Inc. is a Canadian-based global energy company, listed on the
Toronto and New York stock exchanges under the symbol NXY. Nexen is
focused on three growth strategies: oil sands and shale gas in Western
Canada and conventional exploration and development primarily in the
North Sea, offshore West Africa and deepwater Gulf of Mexico. Nexen
adds value for shareholders through successful full-cycle oil and gas
exploration and development, and leadership in ethics, integrity,
governance and environmental stewardship.
Forward-Looking Statements
Certain statements in this Release constitute "forward-looking
statements" (within the meaning of the United States Private Securities
Litigation Reform Act of 1995, as amended) or "forward-looking
information" (within the meaning of applicable Canadian securities
legislation). Such statements or information (together "forward-looking
statements") are generally identifiable by the forward-looking
terminology used such as "expect", "should" or other similar words. Any
statements as to the ability of the parties to satisfy the conditions
to, and to complete, the transaction; the anticipated timing of the
closing of the transaction; and, changes in any of the foregoing are
forward-looking statements.
All of the forward-looking statements in this Release are qualified by
the assumptions that are stated or inherent in such forward-looking
statements. Although we believe that these assumptions are reasonable
based on the information available to us on the date such assumptions
were made, this list is not exhaustive of the factors that may affect
any of the forward-looking statements and the reader should not place
an undue reliance on these assumptions and such forward-looking
statements. Nexen undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. The key assumptions that have been made in
connection with the forward-looking statements include the ability of
the parties to the July 23, 2012 Arrangement Agreement to satisfy, in a
timely manner, the conditions to the closing of the transaction.
Forward-looking statements are subject to known and unknown risks and
uncertainties and other factors, many of which are beyond our control
and each of which contributes to the possibility that our
forward-looking statements will not occur or that actual results and
achievements may differ materially from those expressed or implied by
such statements. Such factors include, among others: the possible
failure of Nexen and CNOOC Limited to otherwise satisfy the conditions
to the completion of the transaction, in a timely manner or at all; if
the transaction is not completed and Nexen continues as an independent
entity, there are risks that the announcement of the transaction and
the dedication of substantial resources of Nexen to the completion of
the transaction could have an impact on Nexen's current business
relationships (including with future and prospective employees,
customers, distributors, suppliers and partners) and could have a
material adverse effect on the current and future operations, financial
condition and prospects of Nexen; the possible failure of Nexen to
comply with the terms of the Arrangement Agreement may result in Nexen
being required to pay a fee to CNOOC Limited, the result of which could
have a material adverse effect on Nexen's financial position and
results of operations and its ability to fund growth prospects and
current operations; and other factors, many of which are beyond our
control. Additional information on these and other factors that could
affect the completion of the transaction are included in the
information circular and proxy statement of Nexen dated August 16,
2012, which has been filed with the applicable securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov) and Nexen's website (www.nexeninc.com).The impact of any one risk, uncertainty or factor on a particular
forward-looking statement is not determinable with certainty as these
factors are interdependent, and management's future course of action
would depend on our assessment of all information at that time.
SOURCE: Nexen Inc.
