Statoil Buys Alberta Oilsands Property

Norwegian oil company Statoil announced Friday it has agreed to take over Canada's North American Oil Sands Corp. (NAOSC) in a $2.2 CDN billion deal. Statoil's acquisition is an all cash offer for 100% of NAOSC shares at $20 per share.

The principal shareholders of North American Oil Sands Corp. (NAOSC), are Paramount Resources Ltd. (TSX:POU), funds managed by affiliates of ARC Financial Corp. and the Ontario Teachers‘ Pension Plan.

The Calgary-based oil producer operates 257,200 acres (1,110 square kilometres) of oil sands leases located in the Athabasca region of Alberta, north-east of Edmonton.

"Today's acquisition is an important strategic move which supports our global growth ambition and increases our reserve bookings in the long term," Statoil's chief executive, Helge Lund, said.

A pilot production scheme, the Leismer demonstration project, is currently in its final phase of obtaining regulatory approvals. It will have a capacity of 10,000 barrels of produced bitumen per day and first production is expected late 2009/early 2010. The first phase of the commercial project, Kai Kos Dehseh, is planned to come on stream in 2011, ramping up production to around 100,000 barrels per day in the middle of the next decade. The portfolio is expected to yield more than 200,000 barrels per day at the end of the next decade.

Jim Sparrow is a consistent top-producing Calgary REALTOR® with Keller Williams Platinum Realty specializing in South Calgary estate and luxury homes. Visit our website at Calgary Real Estate or contact me directly at 403.703.2404

• Statoil Acquires NAOSC

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