In compliance with the Investment Canada Act, the Canadian Minister of Industry has recently announced the approval of the acquisition by ExxonMobil Canada Ltd of Celtic Exploration Ltd. This finalized the deal and formalized the acquisition.

The proposed acquisition would be carried out under the Alberta Business Corporations Act and the plan of arrangement would be completed by February 26, 2013. This completion though is subject to the waiver of conditions under the Arrangement agreement entered into last October 16, 2012 by and between Celtic, ExxonMobil Celtic ULC, ExxonMobil Canada and Kelt Exploration Ltd.  

he registration is to be maintained by a trustee through a 5.00% convertible unsecured subordinated debenture offering chargeable against Celtic and would fall due on April 30, 2017. The holders of these debentures would not be able to convert the same into Celtic common shares of stock and in lieu of such conversion, holders would be entitled to receive ample consideration in compliance with the Arrangement agreement.