Imperial Oil will seek acceptance to continue its existing share repurchase program

    CALGARY, June 2 /CNW/ - Imperial Oil today announced that it will seek
acceptance from the Toronto Stock Exchange to continue its existing share
repurchase program facility that will expire on June 24, 2008.
    Under the program Imperial will be able to purchase up to five percent of
its issued and outstanding shares prior to the date of acceptance by the
Toronto Stock Exchange during the 12 months after the program is renewed. That
total will be reduced by the number of shares purchased for the company's
employee savings plan and employee retirement plan. Imperial retains
flexibility regarding when and how many shares are purchased. Imperial
currently has approximately 886 million shares outstanding. Acceptance is
expected on June 23, 2008.
    Exxon Mobil Corporation, Imperial's majority shareholder, will also sell
its shares to Imperial outside the provisions of, but concurrently with, the
normal course issuer bid in order to maintain its proportionate share
ownership at 69.6%. The maximum number of shares that may be purchased
pursuant to the normal course issuer bid will also be reduced by the number of
shares purchased from Exxon Mobil Corporation. Exxon Mobil Corporation said it
will review this arrangement from time to time and inform Imperial of any
change in its intentions.

For further information:

For further information: Investor Relations, Dee Brandes, (403)
237-4537; Media Relations, Richard O'Farrell, (403) 237-2941

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