Nexen Completes Acquisition of UK Energy Marketing Business

Nexen Inc. through its wholly-owned subsidiary, Nexen Energy Marketing Europe Limited ("NEME") has completed the acquisition of Foundation Energy Limited for an undisclosed price. Foundation Energy was a privately held UK gas and power marketing company based in London. The company has an experienced team of marketers, traders and support personnel and is poised for future growth in the European marketplace. It will change its name to Nexen Energy Marketing London Limited.

NEME was formed in 2005 following Nexen's acquisition of Buzzard and other UK North Sea assets in 2004. NEME is responsible for marketing all of the crude oil, gas and liquid products from our North Sea assets and will be managing total North Sea volumes of approximately 100,000 boe/d following the start-up of the Buzzard field later this year.

The acquisition of Foundation Energy will compliment NEME's existing marketing activities by enabling us to offer a wider range of energy marketing services to customers in both the UK and continental Europe.

On a global basis, Nexen markets over 500,000 bbls/d of crude oil and in excess of four bcf/d of natural gas. We serve a wide range of customers through our offices in Calgary, Houston, Denver, Detroit, Singapore and London. Our strategy is to provide outstanding customer service and assist in the management and optimization of storage and pipeline assets.

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Posted 02/06/06

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