ExxonMobil Completes Acquisition of Celtic Exploration

Celtic Exploration Ltd. said Tuesday that Exxon Mobil Corp.'s 2.59 billion Canadian dollar ($2.52 billion) acquisition of Celtic has closed and that its shares will be delisted from the Toronto Stock Exchange.

Exxon first announced the planned purchase of the Calgary, Alberta-based energy company in October. The Canadian government approved the deal last week.

Celtic's output and proved reserves are heavily weighted towards natural gas. The transaction, which totals about C$3.1 billion including debt considerations, is Exxon's largest since it bought XTO Energy in 2010.

Separately, Exxon's Imperial Oil Ltd. subsidiary said it acquired a 50% participating interest in Celtic following the completion of the transaction.

Copyright (c) 2012 Dow Jones & Company, Inc.


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