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Imperial Oil to participate in ExxonMobil Canada Ltd.'s acquisition of Celtic Exploration
Imperial Oil to participate as a 50% owner Agreement includes 649,000 net acres in the...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n\n\n\nImperial Oil to participate as a 50% owner\n\n\nAgreement includes 649,000 net acres in the Montney and Duvernay shales\n in Alberta\n\n\nCALGARY, Nov. 28, 2012 /CNW/ - Imperial Oil today announced it will\n participate as a 50-percent owner with ExxonMobil Canada Ltd. in Celtic\n Exploration Ltd. (\"Celtic\").  The acquisition of 100 percent of Celtic\n by ExxonMobil Canada announced on October 17, 2012 is conditional upon\n approval by Celtic Exploration's shareholders and Canadian regulatory\n authorities. Imperial Oil's participation will occur immediately after\n the acquisition closes, by means of a sale of a 50-percent interest in\n Celtic from ExxonMobil Canada to Imperial Oil.  This investment\n represents a $1.55 billion commitment by Imperial Oil.\n\n\nExxonMobil Canada and Imperial Oil will acquire 545,000 net acres in the\n liquids-rich Montney shale, 104,000 net acres in the Duvernay shale and\n additional acreage in other areas of Alberta. Current production of the\n acreage to be acquired is 72 million cubic feet per day of natural gas\n and 4,000 barrels per day of condensate and natural gas liquids. The\n assets were estimated by Calgary-based Celtic Exploration at December\n 31, 2011 to include an estimated 128 million oil equivalent barrels of\n proved plus probable reserves, of which 24 percent are condensate and\n natural gas liquids and 76 percent natural gas.\n\n\n\"This acquisition will allow Imperial to diversify its strong resource\n base in Canada with an attractive liquids-rich natural gas play\" said\n Bruce March, Chairman and Chief Executive Officer of Imperial Oil\n Limited. \"We continue to leverage our strong balance sheet and solid\n financial position to grow the company through strategic resource\n capture in key opportunity areas. This new venture represents a\n significant opportunity to leverage ExxonMobil's expertise in shale gas\n development and add value for Imperial shareholders.\n\n\nImperial Oil is one of Canada's largest corporations and leading member\n of the country's petroleum industry. The company is a major producer of\n crude oil and natural gas, Canada largest petroleum refiner, a key\n petrochemical producer and a leading marketer with coast-to-coast\n supply and retail service station networks.\n\n\n \n\nSOURCE: Imperial Oil Limited\n\n\n Media...