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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