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Imperial Oil Resources' proceeds from the sale of oil and gas assets in
western Canada totals $304.5M
| Calgary, AB,
December 7, 2005
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Further to the announcement yesterday regarding the purchase by ARC Resources
Ltd. of assets including Imperial Oil Resources' wholly owned and operated
Redwater field, as well as its interest in the North Pembina field, proceeds
to Imperial total $304.5M (Cdn.).
The purchase price of the
Imperial assets to be acquired by ARC is $304.5M (Cdn), composed of $235M for
the Redwater property and $69.5M for Imperial's share of the North Pembina
field.
Both properties are located in Alberta -- Redwater,
near Edmonton; North Pembina, near Drayton Valley. Oil and gas production for
the Imperial share of these two properties averaged approximately 4,370
oil-equivalent barrels a day during the third quarter of 2005, of which
Redwater production averaged approximately 3,950 oil-equivalent barrels per
day.*
*Oil-equivalent barrels (OEB) may be misleading,
particularly if used in isolation. An OEB conversion ratio of 6,000 cubic
feet to one barrel is based on an energy-equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the well head.
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