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Imperial Oil will seek acceptance to continue its existing share repurchase
program
| Calgary, AB,
May 23, 2007
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Imperial Oil today announced that it will seek acceptance from the Toronto
Stock Exchange to continue its existing share repurchase program facility that
will expire on June 22, 2007.
Under the program Imperial
would be able to purchase up to five percent of its issued and outstanding
shares on the date of acceptance by the Toronto Stock Exchange during the 12
months after purchases begin. That total will be reduced by the number of
shares purchased for the company's employee savings plan and employee
retirement plan. Imperial retains flexibility regarding when and how many
shares are purchased. Imperial currently has approximately 934 million shares
outstanding. Acceptance is expected on June 21, 2007.
Exxon
Mobil Corporation has advised Imperial that it will participate in the new
program, as it has in the existing one, to maintain its ownership percentage
in Imperial at 69.6 percent. ExxonMobil said it will review its participation
from time to time and inform Imperial of any change in its intentions.
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