- Imperial has acquired a 50-percent participating interest in the Celtic
Exploration acquisition by ExxonMobil Canada
- New operation will benefit from the combined expertise of ExxonMobil,
XTO Energy and Imperial Oil in unconventional resource development
CALGARY, Feb. 26, 2013 /CNW/ - Imperial Oil has acquired a 50-percent
participating interest in Celtic Exploration Ltd. ("Celtic") following
the close of its acquisition by ExxonMobil Canada today. This occurred
by means of a sale of a 50-percent interest in Celtic's assets and
liabilities from ExxonMobil Canada to Imperial Oil, which represents
about a $1.6 billion investment by Imperial Oil.
ExxonMobil Canada acquired Celtic after receiving final approval from
Canadian regulatory authorities last week. Celtic's shareholders had
previously approved the transaction in a meeting on December 14, 2012.
The technical expertise and financial strength of Imperial, ExxonMobil
and XTO Energy Inc., a subsidiary of ExxonMobil, will enable the
responsible development of the energy contained in the acquired
unconventional, liquids rich acreage.
Imperial Oil is one of Canada's largest corporations and a leading
member of the country's petroleum industry. The company is a major
producer of crude oil and natural gas, Canada's largest petroleum
refiner, a key petrochemical producer and a leading marketer with
coast-to-coast supply and service station networks.
SOURCE: Imperial Oil Limited
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