Offshore board announces exploration bid results on three parcels

From the Canada-Newfoundland and Labrador Offshore Petroleum Board:

Call for Bids NL11-01 (Western Newfoundland and Labrador Offshore Region)

The following bids, based upon the work commitments bid, have been accepted:

Parcel 1 (218, 468 ha)
Ptarmigan Energy Inc.  100%
$1,501,000.00

Parcel 2 (135, 520 ha)
Ptarmigan Energy Inc.   100%
$501,000.00

Total: $2,002,000.00

Call for Bids NL11-02 (Flemish Pass/North Central Ridge)

The following bids, based upon the work commitments bid, have been accepted:

Parcel 1 (247, 016 ha)

Statoil Canada Ltd.                 50%
Chevron Canada Limited       40%
Repsol E & P Canada Ltd.     10%

$202,171,394.00

Parcel 2 (186, 780 ha)

Statoil Canada Ltd.                50%
Chevron Canada Limited       40%
Repsol E & P Canada Ltd.     10%

$145,603,270.00

Total: $347,774,664.00

Subject to the bidders satisfying the requirements specified in Call for Bids NL11-01 and NL11-02  and upon receiving Ministerial approval, the Board will issue exploration licences for all four parcels in January 2012.

- srbp -