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October 15, 2007 at 5:51 pm #3915
HOUSTON, Oct. 15 /PRNewswire-FirstCall/ — Marathon Oil Corporation (NYSE: MRO) announced today it has received approval from the Minister of Industry under the Investment Canada Act for the Company’s acquisition of Western Oil Sands Inc. (TSX: WTO).
In connection with the approval under the Investment Canada Act, 1339971 Alberta Ltd., a wholly owned subsidiary of Marathon formed to complete the acquisition, made commitments to the Minister of Industry, which highlight the net benefit to Canada that will result from the acquisition. These commitments 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, 1339971 Alberta Ltd. 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 will hold a special meeting of its shareholders in Calgary on Oct. 16, 2007, at which time the shareholders will vote on the acquisition. Marathon is an integrated international energy company engaged in exploration and production; integrated gas; and refining, marketing and transportation operations. Marathon, which is based in Houston, has principal operations in the United States, Angola, Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, Norway and the United Kingdom. Marathon is the fourth largest United States-based integrated oil company and the nation’s fifth largest refiner.
This release contains forward-looking statements concerning the anticipated acquisition of Western Oil Sands Inc. This forward-looking information may prove to be inaccurate and actual results may differ materially from those presently anticipated. Factors, but not necessarily all factors, that could adversely affect the anticipated acquisition of Western Oil Sands include the inability or delay in obtaining approval by Western’s shareholders. In accordance with “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2006, and in subsequent Forms 10-Q and 8-K, cautionary language identifying other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Media Relations Contacts:
Lee Warren 713-296-4103
Scott Scheffler 713-296-4102
Investor Relations Contacts:
Ken Matheny 713-296-4114
Howard Thill 713-296-4140
Michol Ecklund 713-296-3919
SOURCE Marathon Oil Corporation
CONTACT: Media, Lee Warren, 713-296-4103, Scott Scheffler,
713-296-4102, or Investors, Ken Matheny, 713-296-4114, Howard Thill,
713-296-4140, Michol Ecklund, +1-713-296-3919, all of Marathon Oil Corporation
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