NSRL Sale Agreement Extended

The Nova Scotia government has given a Calgary company a new deadline to meet the province's conditions on the sale of Nova Scotia Resources Limited (NSRL).

Endless Energy Corporation now has until Feb. 28, 2003, to close the deal with an added condition that gives the province the right to negotiate with third parties.

Nova Scotia Finance Minister Neil LeBlanc said today, Jan. 27, "Although we've extended the deadline, we are keeping the door open for other companies that might be interested in purchasing the assets of NSRL."

The previous agreement with Endless Energy expired Dec. 31, 2002.

The purchase price for the remaining shares of NSRL is $4 million plus interest -- a total of $4.023 million.

Endless Energy Corp has already paid the province $1.4 million on a non-refundable basis. The closing is also conditional on the company assuming the province's $17.5-million guarantee to the Canada-Nova Scotia Offshore Petroleum Board.

Since 2001, the assets of NSRL have been sold to various companies for close to $400 million.

"We've now sold more than 95 per cent of the agency's assets, and we'll make it a full and complete sale when we reach the best deal on behalf of Nova Scotia taxpayers," said Mr. LeBlanc.