Mr. John Charlton reports
IMPERIAL ACQUIRES 50-PERCENT PARTICIPATING INTEREST IN CELTIC EXPLORATION FOLLOWING ITS ACQUISITION BY EXXONMOBIL CANADA
Imperial Oil Ltd. has acquired a 50-per-cent
participating interest in Celtic Exploration Ltd., following
the close of its acquisition by ExxonMobil Canada today. This occurred
by means of a sale of a 50-per-cent 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 Dec. 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.
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