CALGARY,
Feb. 12, 2013 /PRNewswire/ - 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.cominvestorinfo.
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.
