Imperial Completes Sale of Certain Western Canada Conventional Oil and Gas Assets

CALGARY, May 1, 2014 /CNW/ - Imperial Oil Limited announced today the successful completion of its previously announced sale of interests in assets located in Boundary Lake, Cynthia/West Pembina, and Rocky Mountain House in Western Canada to Whitecap Resources Inc. for CA $855 million. As a result of the sale, Imperial will record an after-tax earnings gain of between $475 million and $525 million in the second quarter of 2014.

Located in British Columbia and Alberta, these assets produced about 15,000 oil-equivalent barrels per day in 2013 on a net before royalty basis. Production was split about evenly between oil and gas.

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada's energy resources. As Canada's largest petroleum refiner, a major producer of crude oil and natural gas, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to the highest standards across all areas of our business.

SOURCE: Imperial Oil Limited

For further information:

John Charlton      
Investor Relations     

Pius Rolheiser
Public and Government Affairs

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