November 17-- The Canada-Newfoundland and Labrador Offshore Petroleum Board today announced the results of the 2008 Calls for Bids NL08-1 and NL08-2 (see attached land plats) for exploration rights in the Newfoundland and Labrador Offshore Area. Bidding closed on November 14, 2008 and successful bids were received on all five parcels offered totaling $129,892,000. Three of the successful bid parcels are located in the Central Ridge/Flemish Pass and two are located in the Jeanne d’Arc Basin.

The bids represent the expenditures which the bidders commit to make in exploring the parcels during the initial five-year period of a nine-year term Exploration Licence. If companies discover significant quantities of petroleum resources as a result of the exploration work, they may then seek a Significant Discovery Licence from the C-NLOPB. Any Significant Discovery Licences issued in respect of lands resulting from these Exploration Licences will be subject to rentals which will escalate over time.

The following bids have been accepted:

SUCCESSFUL BIDDERS
CALL FOR BIDS No. NL08-1
Flemish Pass
Bidders Work Expenditure Bid
Parcel 1 (138,200 ha)

Husky Oil Operations Limited 40%
Petro-Canada 40%
Repsol Exploracion, S.A. 20%
$18,600,000
Parcel 2 (134, 227 ha)

Husky Oil Operations Limited 67%
Repsol Exploracion, S.A. 33%
$1,188,000
Parcel 3 (55,954 ha)

StatoilHydro Canada Ltd. 65%
Husky Oil Operations Limited 35%
$18,724,000
Hectarage Subtotal: 328,381 Subtotal: $38,512,000

SUCCESSFUL BIDDERS
CALL FOR BIDS No. NL08-2
Jeanne d’Arc
Bidders Work Expenditure Bid
Parcel 1 (19,430 ha)
Petro-Canada 50%
StatoilHydro Canada Ltd. 50% $81,900,000
Parcel 2 (121,348 ha)

Husky Oil Operations Limited 67%
Repsol Exploracion, S.A. 33% $9,480,000
Hectarage Subtotal: 140,778 Subtotal: $91,380,000
Hectarage Total: 469,159 Total: $129,892,000