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Imperial Oil to Join ExxonMobil in Montney Acquisition
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Imperial Oil will participate as a 50-percent owner with ExxonMobil Canada Ltd. in Celtic Exploration Ltd. 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…
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