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Thursday, May 1, 2014  

Imperial Completes Sale of Certain Western Canada Conventional Oil and Gas Assets

Calgary, May 1, 2014

Imperial Oil Limited announced today the successful completion of its previously announced sale of interests in assets located in Boundary Lake, Cynthia/West Pembina, and Rocky Mountain House in Western Canada to Whitecap Resources Inc. for CA $855 million. As a result of the sale, Imperial will record an after-tax earnings gain of between $475 million and $525 million in the second quarter of 2014.

Located in British Columbia and Alberta, these assets produced about 15,000 oil-equivalent barrels per day in 2013 on a net before royalty basis. Production was split about evenly between oil and gas.

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada's energy resources. As Canada's largest petroleum refiner, a major producer of crude oil and natural gas, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to the highest standards across all areas of our business.