Imperial Oil to participate in ExxonMobil Canada Ltd.'s acquisition of Celtic Exploration

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 Montney and
        Duvernay shales in Alberta

CALGARY, Nov. 28, 2012 /CNW/ - Imperial Oil today announced it will 
participate as a 50-percent owner with ExxonMobil Canada Ltd. in Celtic 
Exploration Ltd. ("Celtic"). The acquisition of 100 percent of Celtic by 
ExxonMobil Canada announced on October 17, 2012 is conditional upon approval 
by Celtic Exploration's shareholders and Canadian regulatory authorities. 
Imperial Oil's participation will occur immediately after the acquisition 
closes, by means of a sale of a 50-percent interest in Celtic from ExxonMobil 
Canada to Imperial Oil. This investment represents a $1.55 billion 
commitment by Imperial Oil.

ExxonMobil Canada and Imperial Oil will acquire 545,000 net acres in the 
liquids-rich Montney shale, 104,000 net acres in the Duvernay shale and 
additional acreage in other areas of Alberta. Current production of the 
acreage to be acquired is 72 million cubic feet per day of natural gas and 
4,000 barrels per day of condensate and natural gas liquids. The assets were 
estimated by Calgary-based Celtic Exploration at December 31, 2011 to include 
an estimated 128 million oil equivalent barrels of proved plus probable 
reserves, of which 24 percent are condensate and natural gas liquids and 76 
percent natural gas.

"This acquisition will allow Imperial to diversify its strong resource base in 
Canada with an attractive liquids-rich natural gas play" said Bruce March, 
Chairman and Chief Executive Officer of Imperial Oil Limited. "We continue to 
leverage our strong balance sheet and solid financial position to grow the 
company through strategic resource capture in key opportunity areas. This new 
venture represents a significant opportunity to leverage ExxonMobil's 
expertise in shale gas development and add value for Imperial shareholders.

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.



Media relations Pius Rolheiser (403) 237-2710

Investor relations John Charlton (403) 237-4537

SOURCE: Imperial Oil Limited

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/November2012/28/c4091.html

CO: Imperial Oil Limited
ST: Alberta
NI: OIL MNA 

-0- Nov/28/2012 12:30 GMT


 
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