Province to Sell Nova Scotia Resources Limited Shares

The Nova Scotia government will end its involvement with Nova Scotia Resources Limited (NSRL) by selling its remaining interests for $4 million.

Finance Minister Neil LeBlanc confirmed today, Sept. 6, that the province has entered into a purchase and sale agreement with Endless Energy Corporation of Alberta for the outstanding shares of NSRL. Endless Energy has also agreed to assume responsibility for the province's $17.5-million guarantee with the Canada-Nova Scotia Offshore Petroleum Board, for a total consideration of $21.5 million.

This sale will release the province from any liability of NSRL and its subsidiaries.

"This is the final wrap-up of NSRL," said Mr. LeBlanc. "The government and taxpayers of Nova Scotia will finally and completely be out of the oil and gas exploration business."

The proceeds from the liquidation of NSRL and its assets exceeds $400 million, which will be applied to the province's debt. The transaction is expected to be completed this fall.