Imperial acquires 50-percent participating interest in Celtic Exploration following its acquisition by ExxonMobil Canada

  • Imperial has acquired a 50-percent participating interest in the Celtic Exploration acquisition by ExxonMobil Canada
  • New operation will benefit from the combined expertise of ExxonMobil, XTO Energy and Imperial Oil in unconventional resource development

Calgary February 26, 2013 - Imperial Oil has acquired a 50-percent participating interest in Celtic Exploration Ltd. (“Celtic”) following the close of its acquisition by ExxonMobil Canada today. This occurred by means of a sale of a 50-percent interest in Celtic’s assets and liabilities from ExxonMobil Canada to Imperial Oil, which represents about a $1.6 billion investment by Imperial Oil.

ExxonMobil Canada acquired Celtic after receiving final approval from Canadian regulatory authorities last week. Celtic’s shareholders had previously approved the transaction in a meeting on December 14, 2012.

The technical expertise and financial strength of Imperial, ExxonMobil and XTO Energy Inc., a subsidiary of ExxonMobil, will enable the responsible development of the energy contained in the acquired unconventional, liquids rich acreage.

 

Imperial Oil is one of Canada’s largest corporations and leading member of the country’s petroleum industry. The company is a major producer of crude oil and natural gas, Canada largest petroleum refiner, a key petrochemical producer and a leading marketer with coast-to-coast supply and retail service station networks.