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Canexus Income Fund

Calgary, Alberta, Canada, 07 February 2011 -- Canexus Income Fund (TSX: CUS.UN) and Nexen Inc. have closed the previously announced secondary offering of 74,539,604 trust units of Canexus at an offering price of CAD 6.40 per trust unit.

The offering was underwritten by a syndicate led by Scotia Capital Inc. and CIBC World Markets, and included BMO Capital Markets, TD Securities Inc., RBC Capital Markets Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., and Acumen Capital Finance Partners Limited.

Canexus will not receive any of the proceeds of the offering. After giving effect to this offering, Nexen will not own any trust units or any securities convertible into trust units as the sale of 74,539,604 trust units by Nexen pursuant to the offering represents Nexen's entire interest in Canexus.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. It has four plants in Canada and one in South America. Canexus also provides fee-for-service hydrocarbon transloading services to the oil and gas industry from its terminal at Bruderheim, Alberta. Canexus trust units (CUS.UN) and convertible debentures (Series I - CUS.DB; Series III - CUS.DB.A) trade on the Toronto Stock Exchange. More information about Canexus is available at www.canexus.ca.


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