Statoil Canada Limited Extends Offer for North American Oil Sands Corporation

    CALGARY, June 11 /CNW/ - Statoil Canada Limited, a wholly-owned
subsidiary of Statoil ASA (OSE: STL, NYSE:   STO) announced today that it has
extended its all-cash offer to acquire all shares of North American Oil Sands
Corporation ("NAOSC") at a price of CAD 20 per share. Pursuant to the
requirements of applicable law, the Offer is now open for acceptance until
5:00 p.m. (Calgary time) on June 25, 2007, unless further extended or
    As at the initial expiry time of the Offer, 5:00 p.m. (Calgary time) on
June 11, 2007, all conditions of the Offer had been satisfied, other than the
receipt of the required regulatory approvals. Statoil does not have any reason
to believe that such approvals will not be received prior to the extended
expiry date. Assuming such approvals are received prior to the extended expiry
date and the other conditions of the Offer remain satisfied, Statoil Canada
Limited anticipates taking-up those NAOSC securities tendered to the Offer at
5:00 p.m. (Calgary time) on June 25, 2007.
    As at the initial expiry time, an aggregate of 102,174,576 shares of
NAOSC had been tendered, representing approximately 93.5% of the issued and
outstanding NAOSC shares on a fully-diluted basis.
    Except for the extension of the Offer, the terms and conditions
previously set forth in the Offer continue to be applicable in all respects.
Statoil Canada Limited will mail a Notice of Extension to all holders of NAOSC

                         FORWARD-LOOKING STATEMENTS
    This communication contains forward-looking statements that involve risks
and uncertainties. All statements other than statements of historical fact,
including, among others, statements regarding expectations for the proposed
acquisition, estimated recoverable reserves, expected production and
objectives of management for future operations, are forward-looking
statements. You should not place undue reliance on these forward-looking
statements. Our actual results could differ materially from those anticipated
in the forward-looking statements for many reasons.
    These forward-looking statements reflect current view with respect to
future events and are, by their nature, subject to significant risks and
uncertainties because they relate to events and depend on circumstances that
will occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those expressed or
implied by these forward-looking statements, including levels of industry
product supply; demand and pricing; currency exchange rates; political and
economic policies of Canada, Norway and other oil-producing countries; general
economic conditions; political stability and economic growth in relevant areas
of the world; global political events and actions, including war, terrorism
and sanctions; the timing of bringing new fields on stream; material
differences from reserves estimates; inability to find and develop reserves;
adverse changes in tax regimes; development and use of new technology;
geological or technical difficulties; the actions of competitors; the actions
of field partners; natural disasters and other changes to business conditions;
and other factors.
    Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot assure you that our
future results, level of activity, performance or achievements will meet these
expectations. Moreover, neither we nor any other person assumes responsibility
for the accuracy and completeness of the forward-looking statements. Unless we
are required by law to update these statements, we will not necessarily update
any of these statements after the date of this communication, either to
conform them to actual results or to changes in our expectations.

For further information:

For further information: Press: Ola Morten Aanestad, vice president
media relations, Statoil ASA, telephone +47 480 80 212, +47 51 99 13 77;
Rannveig S. Stangeland, public affairs manager, Statoil ASA, telephone +47 48
12 59 78, +47 51 99 26 42; Investor relations: Lars Troen Sorensen, senior
vice president investor relations, Statoil, telephone +47 90 64 91 44; Geir
Bjornstad, vice president, US investor relations, Statoil, telephone (203)

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