NSRL Sales Agreement Expires

The Nova Scotia government has terminated its plan to sell Nova Scotia Resources Limited (NSRL) to an Alberta company.

Finance Minister Neil LeBlanc said today, March 3, that the agreement to sell the remainder of NSRL for approximately $4 million expired as of midnight on Feb. 28.

The Nova Scotia government will keep $1.4 million paid by Endless Energy Corporation as one of the conditions of the deal signed in January 2003.

Mr. LeBlanc said that since 2001, NSRL assets have been sold to various companies for close to $400 million. He also said he would be looking for the best possible deal for the remaining shares, on behalf of Nova Scotia taxpayers.

The board of directors is now reviewing options for the sale of the remainder of NSRL.

NSRL is a Crown corporation that was established to invest in and manage the province's participation in petroleum, mineral and energy-related projects.