Statoil said that, pursuant to the requirements of applicable law, the share offer is now open for acceptance until 5.00pm Calgary time on June 25, 2007, unless further extended or withdrawn.
Statoil revealed that, at the initial expiry time of the offer, which fell at 5.00pm Calgary time on June 11, 2007, all conditions of the offer had been satisfied other than the receipt of the required regulatory approvals. Statoil expects these approvals to be granted before the extended approval time.
Assuming such approvals are received before the extended date expires and that conditions of the offer remain satisfied, Statoil Canada anticipates taking up those North American Oil Sands Corporation (NAOSC) securities tendered to the offer at 5.00pm Calgary time on June 25, 2007.
As at the initial expiry time, an aggregate of 102,174,576 shares of NAOSC had been tendered, representing approximately 93.5% of the issued and outstanding NAOSC shares on a fully-diluted basis.
Statoil said that, except for the extension of the offer, the terms and conditions previously set forth continue to be applicable in all respects.
Calgary-based NAOSC, which was formed in 2001, operates 257,200 acres of oil sands leases located in the Athabasca region of Alberta.
