Canada Okays ExxonMobil’s Acquisition of Celtic Exploration

Celtic Exploration Ltd. (TSX:CLT) announced that Canada’s minister of industry has approved the acquisition of Celtic by an ExxonMobil Canada subsidiary. No other regulatory approvals remain.

As quoted in the press release:

The proposed acquisition of Celtic by ExxonMobil Canada is to be carried out by way of a plan of arrangement under the Business Corporations Act (Alberta) (the “Arrangement”) and the Arrangement is expected to be completed on or about February 26, 2013, assuming the satisfaction or waiver of the conditions specified in the arrangement agreement dated October 16, 2012 (the “Arrangement Agreement”) between Celtic, ExxonMobil Canada, ExxonMobil Celtic ULC and Kelt Exploration Ltd.

Click here to read the full Celtic Exploration Ltd. (TSX:CLT) press release.