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Statoil extends offer for NAOSC

June 12, 2007, 01:30 CEST

Statoil Canada Limited, a wholly-owned subsidiary of Statoil ASA 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law, the Offer is now open for acceptance until 5:00 p.m. (Calgary time) on June 25, 2007, unless further extended or withdrawn.

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 securities.

Further information:

Press
Ola Morten Aanestad, vice president media relations, Statoil ASA, telephone +47 480 80 212/51 99 13 77
Rannveig S Stangeland, public affairs manager, Statoil ASA, telephone +47 48 12 59 78/51 99 26 42

Investor relations
Lars Troen Sørensen, senior vice president investor relations, Statoil, telephone +47 90 64 91 44
Geir Bjørnstad, vice president, US investor relations, Statoil, telephone +1 203 978 69 50