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CANADIAN OIL SANDS ACQUISITION
On October 18, 2007, Marathon Oil Corporation (NYSE: MRO) announced that it completed its acquisition of Western Oil Sands Inc. (TSX: WTO) through a cash and securities transaction of approximately US$5.8 billion, plus Western's outstanding debt valued at approximately US$1.1 billion, for a total transaction value of US$6.9 billion.
Key Acquisition Highlights:
- Aligns world-class oil sands resources with Marathon's best-in-class U.S. downstream assets
- 20 percent interest in the Athabasca Oil Sands Project (AOSP), which includes the operating Muskeg River Mine and the Scotford Upgrader
- Net production increasing to more than 130,000 bpd of bitumen by 2020
- Net proved mining reserves of 421 million barrels of bitumen
- Total net resource of approximately 2.6 billion barrels of combined mined bitumen and in-situ recovery
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