Business
Imperial and ExxonMobil Canada Acquire ConocoPhillips' Interest in Clyden Oil Sands Lease
226,000 gross acres amenable to SAGD recovery Acreage is near Imperial's Corner lease ...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n226,000 gross acres amenable to SAGD recovery\n\n\nAcreage is near Imperial's Corner lease holdings\n\n\nTransaction subject to federal Competition Bureau review\n\n\nCALGARY, Aug. 8, 2013 /CNW/ - Imperial Oil and ExxonMobil Canada have\n acquired ConocoPhillips' interest in the Clyden oil sands lease, 150\n kilometres south of Fort McMurray, Alberta.\n\n\nThe Clyden lease is near Imperial's Corner lease holdings and contains\n 226,000 gross acres amenable to the in-situ recovery technique called\n Steam-Assisted Gravity Drainage (SAGD).\n\n\nImperial Oil Resources will purchase a 27.5 percent interest in the\n leasehold. ExxonMobil Canada will purchase the remaining 72.5 percent\n interest. The higher initial interest for ExxonMobil Canada enables it\n to bring in a partner, after which it will remain an equal partner with\n Imperial. The value of the transaction is approximately C$751 million\n (US$720 million) before customary adjustments. The transaction is\n subject to federal Competition Bureau review.\n\n\n\"The Clyden oil sands lease is a high-quality addition to Imperial's\n portfolio of oil sands in-situ opportunities,\" said Rich Kruger,\n Imperial's chairman, president and CEO. \"This acquisition is consistent\n with Imperial's strategy to position ourselves for long term business\n growth.\"\n\n\nImperial Oil is one of Canada's largest corporations and a leading\n member of the country's petroleum industry. The company is a major\n producer of crude oil and natural gas, Canada's largest petroleum\n refiner, a key petrochemical producer and a leading marketer with\n coast-to-coast supply and service station networks.\n\nSOURCE: Imperial Oil Limited\n\n\n Investor inquiries     John Charlton Investor Relations 403-237-4537  Media inquiries Pius Rolheiser Public Affairs 403-237-2710 Copyright CNW Group 2013","length":2491,"tagName":"div"}]