Marathon Acquires Western Oil Sands Inc.
Marathon has received approval from the Minister of Industry under the Investment Canada Act for the acquisition of Western Oil Sands Inc.
The company's commitments for the purchase include making significant investments to develop Western's oil sands operations and, in particular, the Athabasca Oil Sands Project, and also to link Western's oil sands resources with Marathon's U.S. refining and marketing operations. In addition, it committed to maintain the head office of Western in Calgary, Alberta, to maintain certain employment levels and to dedicate Marathon's significant resources and technology to optimally develop Western's assets.
Western's shareholders will vote on the acquisition on October 16.
Operates 4 Offshore Rigs
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Company: Western Oil Sands more info
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