Imperial Oil (TSX: T.IMO, Stock Forum) Wednesday said it plans to take a 50% stake in Celtic Exploration (TSX: T.CLT, Stock Forum) in an agreement with ExxonMobil Canada, this according to a company news release.
On October 17, 2012, ExxonMobil Canada announced it had agreed to acquire 100% of Celtic Exploration, which is conditional upon approval by Celtic's shareholders and Canadian regulatory authorities.
Celtic Exploration has current production of 72 million cubic feet per day of natural gas and 4,000 barrels per day of condensate and natural gas liquids.
Imperial Oil will spend $1.55 billion on the acquisition.