Imperial Oil to acquire half of Celtic Exploration

Imperial Oil Ltd. will participate as a 50% owner with ExxonMobil Canada Ltd. in the previously announced acquisition of Celtic Exploration Ltd., Calgary (OGJ Online, Oct. 17, 2012).

As soon as ExxonMobil Canada acquires Celtic Exploration, Imperial Oil will purchase 50% of Celtic Exploration from ExxonMobil Canada for $1.55 billion. ExxonMobil Canada’s acquisition of Celtic Exploration is subject to approval by Celtic Exploration’s shareholders and Canadian regulators.

The acquisition is to include 545,000 net acres in the Montney shale, 104,000 net acres in the Duvernay shale, and acreage in other areas of Alberta.

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