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Exxon Mobil agreed to buy Celtic Exploration for $2.92 billion in cash and stock, adding oil and gas production in Canada’s Montney and Duvernay shale.
Celtic’s holders will receive $24.89 a share and half a share of a new company that will hold assets not included in the agreement, Calgary-based Celtic said Wednesday in a statement. The cash value per share represents a 35 percent premium to Celtic’s closing price yesterday.
The purchase is the largest by Exxon Mobil since its $35 billion takeover of XTO Energy in June 2010
Current production on the acreage is 72 million cubic feet of gas a day and 4,000 barrels a day of oil and natural gas liquids.
Exxon rose 1.1 percent to $93.39 at the close in New York.
