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Imperial Oil files reserves data on SEDAR website
| Calgary, AB,
March 1, 2006
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Imperial Oil Limited announced today that it has filed updated reserves data
with the Canadian securities administrators on their SEDAR web site. The data
is documented in two reports -- the report of the internal qualified reserves
evaluator, who is the company's Operations Technical Subsurface Engineering
Manager, and the report of management and directors on reserves data and other
information as required under the Canadian securities administrators' National
Instrument 51-101 for disclosure of oil and gas activities and its Form 10-K
for the year ended December 31, 2005.
The Form
10-K contains information about the company, including information on its
oil and gas activities, and is filed each year with Canadian and United States
securities commissions and administrators. The Form 10-K is prepared in
accordance with the requirements of the U.S. Securities Exchange Commission
(SEC).
The two reports and the company's Form 10-K can be
found for viewing by electronic means by accessing the SEDAR web site. The
company's disclosure of its oil and gas activities in the Form 10-K is in lieu
of and differs from the disclosure for oil and gas activities in the Canadian
securities administrators' National Instrument 51-101 due to an exemption
granted to the company by the Canadian securities administrators. The
differences are primarily with respect to no disclosure in the Form 10-K of
probable reserves and reserves data using forecast prices and costs. Also, no
independent qualified reserves evaluator or auditor was involved in the
preparation of the reserves data contained in the Form 10-K due to the
exemption granted by the Canadian securities administrators. The use of
independent reserves evaluators is not required by the SEC.
The company believes that the reliability of its internally generated reserves
data is of equal or better quality than would be afforded by it involving
independent qualified reserves evaluators or independent qualified reserves
auditors to evaluate and audit the reserves data. This is due to the
experience of and intimate knowledge of the company’s oil and gas assets by
the company’s internal reserves evaluation personnel.
The company believes that its internal reserves evaluation personnel meet the
requirements of a qualified reserves evaluator or auditor, as set out in
National Instrument 51-101, and that the company has appropriate procedures
relating to the preparation of reserves data for reliable public disclosure of
such information.
The company's procedures, records and
controls relating to the accumulation of source data and preparation of
reserves data by its internal reserves evaluation staff have been established,
refined, documented, and subjected to regularly scheduled internal audits to
test for compliance with established procedures. Annually, the company
conducts a review with the external financial auditor to review the company’s
reserves management system. The external financial auditor of the company
reviews the results of this annual review as part of its report to the audit
committee of the board of directors.
The Operations Technical
Subsurface Engineering Manager, as the company's qualified reserves evaluator,
is responsible to ensure that an annual review of the company's procedures for
assembling and reporting reserves data is conducted with management. This
annual review is made with both the Chairman of the Board, President and Chief
Executive Officer and the Controller and Senior Vice-President of Finance and
Administration. The board of directors approves the content and filing of the
reserves data and other oil and gas information disclosed in the Form
10-K. The board of directors reviews at least annually the company's
procedures relating to the disclosure of information with respect to oil and
gas activities, the appointment of the internal qualified reserves evaluator,
the company's procedures for providing information to its qualified reserves
evaluator and meets with management and the qualified reserves evaluator to
determine whether any restrictions affect the ability of its qualified
reserves evaluator to report on reserves data without reservation and reviews
the reserves data and the report of the qualified reserves evaluator on the
reserves.
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