Wind Power Project a First for Nexen - CCNMatthews (press release)

CALGARY, ALBERTA--(CCNMatthews - Oct. 17, 2006) - Nexen Inc. and GW Power Corporation today took their first steps toward alternative energy production with the official opening of their $113 million Soderglen wind farm.
The 70.5 megawatt wind power project, located southwest of Fort Macleod, is a 50-50 joint venture between Nexen and GW Power, the project developer and operator.
The wind farm began producing electricity in early September and, at full capacity, will produce enough green power to provide electricity for 25,000 homes. The project consists of 47 wind towers, each with a 1.5 megawatt turbine. The wind farm will produce enough clean energy to offset 95,000 tonnes of CO2 equivalent per year.
"This is an important step for Nexen," said Charlie Fischer, Nexen's President and CEO. "It's an innovative, environmentally-conscious way to add power to the Alberta power grid and it also helps us to manage our overall corporate CO2 emissions."
"The Government of Canada places great importance on renewable energy sources, including wind," said Mr. Ted Menzies, Member of Parliament for Macleod, on behalf of the Honourable Gary Lunn, Minister of Natural Resources Canada. "These sources will be increasingly important as we pursue a sustainable, environmentally friendly energy mix in Canada."
Wind power is a relatively inexpensive, reusable, reliable and environmentally-friendly form of energy. Alberta currently generates more electricity from wind farms than any other province in Canada.
"This is a great, environmentally-sound economic project that will give Albertans a green power alternative," said Warren Holmes, Executive Chairman, GW Power Corporation.
The Government of Canada will invest more than $20 million over ten years, through the Wind Power Production Incentive program, in the Soderglen Wind Farm.
Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY. We are uniquely positioned for growth in the North Sea, deep-water Gulf of Mexico, the Athabasca oilsands of Alberta, the Middle East and offshore West Africa. We add value for shareholders through successful full-cycle oil and gas exploration and development and leadership in ethics, integrity and environmental protection.
GW Power Corporation is a private, Alberta-based company focused on the development, acquisition and management of environmentally responsible power projects in Canada.