Imperial Oil Files Reserves Data on SEDAR Website

    CALGARY, March 1 /CNW/ - Imperial Oil Limited announced today that it has
filed updated reserves data with the Canadian securities administrators on
their SEDAR web site. The data is documented in two reports -- the report of
the internal qualified reserves evaluator, who is the company's Operations
Technical Subsurface Engineering Manager, and the report of management and
directors on reserves data and other information as required under the
Canadian securities administrators' National Instrument 51-101 for disclosure
of oil and gas activities and its Form 10-K for the year ended December 31,
    The Form 10-K contains information about the company, including
information on its oil and gas activities, and is filed each year with
Canadian and United States securities commissions and administrators. The Form
10-K is prepared in accordance with the requirements of the U.S. Securities
Exchange Commission (SEC).
    The two reports and the company's Form 10-K can be found for viewing by
electronic means by accessing the SEDAR web site. The company's disclosure of
its oil and gas activities in the Form 10-K is in lieu of and differs from the
disclosure for oil and gas activities in the Canadian securities
administrators' National Instrument 51-101 due to an exemption granted to the
company by the Canadian securities administrators. The differences are
primarily with respect to no disclosure in the Form 10-K of probable reserves
and reserves data using forecast prices and costs. Also, no independent
qualified reserves evaluator or auditor was involved in the preparation of the
reserves data contained in the Form 10-K due to the exemption granted by the
Canadian securities administrators. The use of independent reserves evaluators
is not required by the SEC.
    The company believes that the reliability of its internally generated
reserves data is of equal or better quality than would be afforded by it
involving independent qualified reserves evaluators or independent qualified
reserves auditors to evaluate and audit the reserves data. This is due to the
experience of and intimate knowledge of the company's oil and gas assets by
the company's internal reserves evaluation personnel.
    The company believes that its internal reserves evaluation personnel meet
the requirements of a qualified reserves evaluator or auditor, as set out in
National Instrument 51-101, and that the company has appropriate procedures
relating to the preparation of reserves data for reliable public disclosure of
such information.
    The company's procedures, records and controls relating to the
accumulation of source data and preparation of reserves data by its internal
reserves evaluation staff have been established, refined, documented, and
subjected to regularly scheduled internal audits to test for compliance with
established procedures. Annually, the company conducts a review with the
external financial auditor to review the company's reserves management system.
The external financial auditor of the company reviews the results of this
annual review as part of its report to the audit committee of the board of
    The Operations Technical Subsurface Engineering Manager, as the company's
qualified reserves evaluator, is responsible to ensure that an annual review
of the company's procedures for assembling and reporting reserves data is
conducted with management. This annual review is made with both the Chairman
of the Board, President and Chief Executive Officer and the Controller and
Senior Vice-President of Finance and Administration. The board of directors
approves the content and filing of the reserves data and other oil and gas
information disclosed in the Form 10-K. The board of directors reviews at
least annually the company's procedures relating to the disclosure of
information with respect to oil and gas activities, the appointment of the
internal qualified reserves evaluator, the company's procedures for providing
information to its qualified reserves evaluator and meets with management and
the qualified reserves evaluator to determine whether any restrictions affect
the ability of its qualified reserves evaluator to report on reserves data
without reservation and reviews the reserves data and the report of the
qualified reserves evaluator on the reserves.

For further information:

For further information: Investor relations - Dee Brandes, (403) 
237-4537; Media relations - Richard O'Farrell, (403) 237-2710

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