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The total purchase price of the transaction is C$735 million, which is expected to close in late January 2009, subject to normal approvals.
Nexen will also become operator of the upgrader. Upon closing, the company will have a 65% interest in the Long Lake project and the joint venture lands, and will be the sole operator of the resource and upgrader.
Nexen expects its 2009 production guidance to increase by approximately 5,000 barrels of oil equivalent per day (boepd) to average between 255,000boepd and 270,000boepd before royalties, and 225,000boepd to 240,000boepd net of royalties.
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