The Canada-Newfoundland Offshore Petroleum Board today announced the results of the 1999 Call for Bids for exploration rights in the Newfoundland offshore area which closed on November 17, 1999. Bids were received on five of the ten parcels offered. No bids were received on Parcels 3, 6, 7, 8 and 9 (see attached Land Plat). The Bids represent the expenditures which the bidders commit to make in exploring the parcels during the initial 5-year period of a 9-year term exploration licence.

The following bids have been conditionally selected:

Parcel No. 1 (180 670 hectares)
Petro-Canada     50%
Norsk Hydro Canada Oil & Gas Inc.     50%
$60,185,000.00

Parcel No. 2 (194 000 hectares)
Petro-Canada     60%
Norsk Hydro Canada Oil & Gas Inc.     40%
$110,226,000.00

Parcel No. 4 (115 082 hectares)
Petro-Canada     50%
Norsk Hydro Canada Oil & Gas Inc.     50%
$20,265,000.00

Parcel No. 5 (190 980 hectares )
PanCanadian Petroleum Limited     100%
$1,517,323.00

Parcel No. 10 (137 740 hectares)
Corridor Resources Inc.     100%
$275,880.00

Total
$192,469,203.00

Subject to Ministerial approval and the bidders satisfying the requirements specified in the Call for Bids, the Board will issue an Exploration Licence for each of the five parcels in January, 2000. The Licences will be for a term of nine years, with an initial period of five years.

For further information, please contact:

Hal Stanley
Chairman
Tel: (709) 778-1452

D. Angus Taylor
Manager, Legal and Land
Tel: (709) 778-1458