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Nexen Announces Redemption of Subordinated Notes



               Nexen Announces Redemption of Subordinated Notes

  PR Newswire

  CALGARY, Alberta, February 26, 2013

CALGARY, Alberta, February 26, 2013 /PRNewswire/ --

Nexen Inc. ("Nexen" or the "Company", TSX, NYSE: NXY) announced today that, in
accordance with the terms of the indenture (the "Trust Indenture") governing
Nexen's outstanding US$460 million aggregate principal amount of 7.35%
Subordinated Notes due 2043 (the "Subordinated Notes"), Nexen has exercised
its right to redeem all of the outstanding Subordinated Notes for a cash
amount equal to $1,000 per $1,000 principal amount of Subordinated Notes, plus
accrued and unpaid interest up to, but excluding, the redemption date. Nexen
will complete the redemption of such Subordinated Notes on March 28, 2013 (the
"Redemption Date"). Following the Redemption Date, holders of Subordinated
Notes will have no further rights or entitlements under the Subordinated Notes
or the Trust Indenture other than to receive the redemption price described
above. Prior to the Redemption Date, Nexen will deposit with Deutsche Bank
Trust Company Americas (the "Trustee"), the trustee under the Trust Indenture,
funds sufficient to pay the total redemption amount payable to holders of
redeemed Subordinated Notes.

A redemption notice will be sent to the registered holder of the Subordinated
Notes today by the Trustee.

The Subordinated Notes are listed and traded on the TSX and NYSE under the
symbols NXY.PR.U and NXY.PRB, respectively. Nexen intends to delist the
Subordinated Notes from the TSX and NYSE as soon as possible following the
Redemption Date.

About Nexen

Nexen Inc. is a wholly-owned subsidiary of CNOOC Limited. Nexen is focused on
three growth strategies: oil sands and shale gas in western Canada and
conventional exploration and development primarily in the North Sea, offshore
West Africa and deepwater Gulf of Mexico.

Forward-Looking Statements

Certain statements in this Release constitute "forward-looking statements"
(within the meaning of the United States Private Securities Litigation Reform
Act of 1995, as amended) or "forward-looking information" (within the meaning
of applicable Canadian securities legislation). Such statements or information
(together "forward-looking statements") are generally identifiable by the
forward-looking terminology used such as "will", "intends", "expect", "should"
or other similar words. More particularly and without limitation, this Release
contains forward-looking statements and information concerning the redemption
of the Subordinated Notes and the delisting of the Subordinated Notes from the
TSX and the NYSE.

In respect of the forward-looking statements and information concerning the
redemption of the Subordinated Notes and the delisting of the Subordinated
Notes from the TSX and NYSE, Nexen has provided such in reliance on certain
assumptions that it believes are reasonable at this time, including
assumptions as to the time necessary, and the ability of Nexen to complete the
redemption of the Subordinated Notes and the delisting of the Subordinated
Notes from the TSX and the NYSE. The date of delisting may be delayed or
changed for a number of reasons. Accordingly, readers should not place undue
reliance on the forward-looking statements and information contained in this
Release concerning these times.

Nexen undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

For further information:

For investor relations inquiries, please contact: Janet Craig Vice President,
Investor Relations +1-(403)699-4230

For media and general inquiries, please contact: Pierre Alvarez   Vice
President, Corporate Relations +1-(403) 699-5202

801 - 7 ^th Ave SWCalgary, Alberta, Canada T2P 3P7

http://www.nexeninc.com

(NXY. NXY.PR.U. NXY)
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