NEWS BULLETIN

July 19, 2007 --- Vol. 13, No. 65July 2007

Imperial/ExxonMobil land Beaufort rights

Affiliated companies Imperial Oil and ExxonMobil Canada have made a strong statement of belief in Canada’s Arctic by jointly bidding C$585 million for an exploration license in the Beaufort Sea.

Two of the four corporate partners in the Mackenzie Gas Project have obtained rights to a parcel covering almost 508,000 acres about 160 miles north of Inuvik, Northwest Territories.

Imperial Senior Vice President Randy Broiles, the company’s point-man for the MGP, described the acreage as a “major addition” to Imperial’s undeveloped property in the Mackenzie Delta/Beaufort region.

While cautioning that the Arctic is a “high potential, technology intensive frontier area,” he said the acquisition represents a “potential opportunity to add to our resource base in the Beaufort Sea and is consistent with our continued interest in energy development for Canada.”

Imperial is the 34.4 percent operator of the MGP and ExxonMobil has a 5.4 percent stake.

Other successful bids at the auction held by Indian and Northern Affairs Canada saw ConocoPhillips Canada lock up rights to 256,270 acres for C$12.08 million, while Chevron Canada made a successful bid of $1 million for 267,325 acres. The two parcels are about 85 miles and 120 miles north of Inuvik, respectively.

ConocoPhillips is a 15.7 percent partner in the MGP and Chevron Canada, although outside the MGP owners’ group, has been one of the active Mackenzie Delta explorers over recent years.

Editor’s note: See full story in July 22 issue of Petroleum News.


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