Minister of Industry Confirms Extension of Review Period Under the Investment Canada Act

OTTAWA, ONTARIO--(Marketwire - Nov. 2, 2012) - Today, the Honourable Christian Paradis, Minister of Industry, made the following statement:

"The review period for CNOOC Limited's proposed acquisition of Nexen Inc. under the Investment Canada Act has been extended to December 10, 2012.

"Extensions to the review period are not unusual. In general terms, the Act provides an initial 45 days for the review, which can be extended for an additional 30 days. The review period may be extended again by the Minister, with the consent of the investor. A decision can be made at any time within this period.

"The proposed transaction is undergoing a rigorous review under the Investment Canada Act. A determination will be made based on the six clear factors that are laid out in detail in section 20 of the Act and the Guidelines on Investment by State-Owned Enterprises.

"The required time will be taken to conduct a thorough and careful review of this proposed investment."