Imperial Goes Dutch With Exxon On $3.1B Celtic Purchase

Law360, New York (November 28, 2012, 2:40 PM EST) -- Calgary-based Imperial Oil Ltd. announced Wednesday that it will put up CA$1.55 billion (US$1.56 billion) for a 50 percent stake in Canada's Celtic Exploration Ltd., striking a deal with Exxon Mobil Corp. barely one month after Exxon announced it would acquire Celtic for $3.1 billion.

The buy-in gives Imperial, an Exxon affiliate that is majority-owned by the oil and gas behemoth, access to nearly 650,000 acres in the prolific and ripe-for-development Montney and Duvernay shale formations of western Canada, a region where Imperial is already dominant...
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