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19

Norwegian Statoil to Buy Canadian Private Company's Shares

"Today's acquisition is an important strategic move which supports our global growth ambition and increases our reserve bookings in the long term"

North American Oil Sands Corp., canada-based privately traded company said Friday, it intends to sell all of its outstanding common shares to Norway's Statoil ASA in a transaction worth $2.2-billion.

The offer is expected to close in June.

North American Oil Sands' major shareholders include Paramount Resources Ltd., funds managed by affiliates of ARC Financial Corp. and the Ontario Teachers' Pension Plan.

North American Oil Sands operates 1,110 square kilometres of oil sands leases in the Athabasca region northeast of Edmonton.

“Today's acquisition is an important strategic move which supports our global growth ambition and increases our reserve bookings in the long term,” said Helge Lund, chief executive of Statoil.