Another one down. Who is next?
CALGARY, October 17, 2012 – Exxon Mobil Corporation (“ExxonMobil”) (NYSE: XOM) and Celtic
Exploration Ltd. (“Celtic”) (TSX: CLT) today announced that Canadian affiliates of ExxonMobil,
including Exxon Mobil Canada Ltd. (“ExxonMobil Canada”), and Celtic have entered into an
agreement for the purchase by a subsidiary of ExxonMobil Canada of all of Celtic’s outstanding
common shares at a cash price of C$24.50 per share. Additionally, Celtic shareholders will
receive 0.5 of a share of a new company, 1705972 Alberta Ltd. (“Spinco”), for each Celtic
Including the amount to be paid for Celtic’s outstanding convertible debentures and including
Celtic’s bank debt and working capital obligations, the transaction is valued at approximately
C$3.1 billion (excluding the estimated value of Spinco shares). The transaction is to be
completed by way of an arrangement under the Business Corporations Act (Alberta).
• Cash price is C$24.50 per Celtic share
• Celtic shareholders also receive 0.5 of a share of a new company to be led by Celtic’s
current management team
• Transaction has received the unanimous approval of Celtic’s Board of Directors
Based on the cash consideration (not including the value of Spinco shares), the transaction price
represents a premium of 35% over Celtic’s closing share price on the Toronto Stock Exchange of
C$18.12 on October 16, 2012, and 34% over Celtic’s 30-trading day volume weighted average
trading price of C$18.28 per share ending on October 16, 2012.
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