Murphy Oil Co. Ltd.

NEW, Murphy Oil Co. Ltd., El Dorado, Ark., (NYSE: MUR) is seeking strategic alternatives for its 80% holding in Berkana Energy Corp., Calgary (Toronto: BEC). Berkana's assets include 150,000 net undeveloped acres in the Rimbey, Kaybob and Red Earth areas of Alberta and the Drake area of British Columbia. Production is more than 2,400 barrels of oil equivalent per day (79% gas). Proved reserves as of year-end 2006 were 4.1 million gross barrels equivalent (3.1 million net) and proved and probable reserves were 6.1 million gross barrels equivalent (5.3 million net). For more information, contact Robb Thompson, 403-221-7700.