2009-08-10-2008-08-01-2008-09-01

Acquired 15% interest in Joslyn oil-sands project, gaining 370 MMBOE EUR.

Los Angeles-based Occidental Petroleum Corp. (NYSE: OXY) has closed its acquisition of a 15% interest in the Joslyn oil-sands project in Alberta from Enerplus Resources Fund, Calgary, for C$500 million. Net production from the mining operation is expected to begin in 2014 at approximately 11,000 barrels of oil per day and grow to a plateau of approximately 31,000 barrels per day. Recoverable reserves net to Oxy are estimated at 370 million barrels. Total is operator. The project is being developed by steam-assisted gravity drainage and surface mining. Oxy chairman and chief executive Ray R. Irani says, "This acquisition is consistent with our strategy of focusing on long-lived, large resource-in-place projects. This is an outstanding project which will provide a significant supply of oil on the North American continent." RBC Capital Markets was advisor to Enerplus.