CALGARY, June 25 /CNW/ - Statoil ASA (OSE: STL, NYSE: STO) announced
today it has received final approval of the acquisition of North American Oil
Sands Corporation (NAOSC) from the Minister of Industry under the Investment
As of 5:00 p.m. (Calgary time) on June 25, 2007, all of the conditions to
the Offer by Statoil Canada Limited to acquire all of the securities of NAOSC
were satisfied, with approximately 98% of the NAOSC shares having been validly
deposited to the Offer. Statoil Canada Limited has taken up all such shares
and will pay for such shares on or before June 28, 2007. Statoil Canada
Limited has also exercised its statutory rights of compulsory acquisition
under the Business Corporations Act (Alberta) to acquire the remaining NAOSC
securities that were not deposited to the Offer.
The total transaction value is approximately CAD 2.2 billion, equivalent
to about USD 2 billion.
In connection with the approval under the Investment Canada Act, Statoil
Canada Limited made commitments to the Minister of Industry, which highlight
the significant net benefit to Canada that will result from the acquisition.
These include Statoil Canada Limited's commitment to making significant
investments to develop NAOSC's oil sands operations and proposed bitumen
upgrader and also utilizing its expertise in managing complex, integrated
projects and applying technology solutions to NAOSC's operations, all of which
will increase the certainty of the successful development of NAOSC's oil sands
Statoil chief executive Helge Lund said:
"We are very pleased with having received the authorities' approval for
this major acquisition. Statoil is committed to developing NAOSC's oil sands
operations. We will build on NAOSC's knowledgebase and competence held by its
employees in addition to applying our own expertise in going forward," said
"The acquisition of NAOSC represents a significant step in the
development of Statoil's long-term production. The entry into Canada and the
oil sands is an important strategic move to develop a heavy oil portfolio and
to strengthen Statoil's marketing position in North America," added Mr. Lund.
Through the acquisition, Statoil gains access to 257,200 acres (1,110
square kilometers) of oil sands leases located in the Athabasca region of
Alberta, north-east of Edmonton, one of the largest heavy oil provinces in the
First production is planned for late 2009/early 2010 from the Leismer
demonstration project. It will have a capacity of 10,000 barrels of produced
bitumen per day. The portfolio is expected to yield more than 200,000 barrels
per day at the end of the next decade.
About Statoil ASA
Statoil ASA is an integrated oil company covering the whole value chain
from exploration and production to manufacturing and marketing. Represented in
over 30 countries, it is engaged in exploration and production in 15 of these.
Being the operator for 24 oil and gas fields offshore Norway, the group is the
leading operator on the Norwegian continental shelf, with a strong technology
base and a solid competence base on reservoir management and increased oil
recovery (IOR). Statoil is regarded as a world leader for capturing and
storing carbon dioxide (CO2). Statoil's environmental flagship is
CO2-deposition in the Sleipner area of the Norwegian North Sea, where roughly
1 million tonnes of CO2 has been injected into the sub-surface since 1996.
Statoil will implement a similar project when production begins later this
year from the group's operated Snohvit-field in the Barents Sea.
As a public company with shares listed on the Oslo Stock Exchange and New
York Stock Exchange (American Depositary Receipts), the operation of Statoil
adheres to all applicable securities regulatory authority and stock exchange
requirements, including the applicable requirements of the United States
Securities and Exchange Commission concerning corporate governance. As of
May 31, 2007, the Norwegian State own 70.9 % of Statoil's outstanding share
capital. The Norwegian State has stated that as one of its several
shareholders, it will concentrate on issues relating to return on capital and
dividend policy, emphasizing long-term profitable business development and the
creation of value for all shareholders.
For further information:
For further information: Kai Nielsen, Public Affairs manager, Statoil
ASA, Telephone (403) 444-5392, Mobile: 011 44 782 432 6893