2009-08-12-2007-08-01-2007-08-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$585.0MM
Description

Exploration rights

Imperial Oil, Calgary, (Amex: IMO) and co-venturer ExxonMobil Canada, a subsidiary of ExxonMobil, Irving, Texas, (NYSE: XOM) have acquired exploration rights for a parcel in the Beaufort Sea in a work program of US$585 million. Imperial's 50% share of the program would be US$292.5 million, and Imperial's minimum commitment is 25% of its share, or US$73.1 million. Imperial senior vice president, resources, Randy Broiles says, "Imperial is pleased it was successful in acquiring this offshore acreage. This parcel is a major addition to Imperial's undeveloped acreage position. Although the Arctic remains a high-potential, technology-intensive frontier area, this presents a potential opportunity to add to our resource base in the Beaufort Sea and is consistent with our continued interest in energy development for Canada."