Exxon Boosts Gas Holdings In $3.1B Celtic Exploration Buy

Law360, New York (October 17, 2012, 1:39 PM EDT) -- Exxon Mobil Corp. will acquire Canadian gas and oil exploration company Celtic Exploration Ltd. in a $3.1 billion deal that will add hundreds of thousands of acres to Exxon's natural gas holdings, the companies announced Wednesday.

Under the deal, Exxon subsidiary ExxonMobil Canada will acquire over 500,000 net acres in British Columbia's liquids-rich Montney Shale and over 100,000 net acres in Alberta's Duvernay Shale, as well as additional acreage in the Alberta province, Exxon said in a statement.

“This acquisition will add significant liquids-rich resources to...
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