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ExxonMobil Canada announced it has reached an agreement to purchase Celtic Exploration Ltd.
Under the terms of the agreement, ExxonMobil Canada will acquire 545,000 net acres in the liquids-rich Montney shale, 104,000 net acres in the Duvernay shale, and additional acreage in other areas of Alberta, according to a news release.
Current production of the acreage to be acquired is 72 MMcf/d of natural gas and 4,000 b/d of crude, condensate, and natural gas liquids. The assets were estimated by Calgary-based Celtic Exploration on Dec. 31, 2011, to include an estimated 128 MMboe of proved plus probable reserves, of which 24% are crude, condensate, and natural gas liquids and 76% natural gas, according to the release.
Approximately 60 employees at Celtic Exploration will be given the opportunity to transition to ExxonMobil employment.
The agreement is subject to approval by Celtic Exploration’s shareholders and Canadian regulatory authorities.