Marathon Oil Corporation Acquisistion of Western Oil Sands Inc
The acquisition of Calgary-based Western Oil Sands by Houston's based Marathon Oil Corporation puts an end to the two years long search by Marathon for a canadian partner. The acquisition was done through a cash and securities transaction of approximately $5.8 billion, plus Western's outstanding debt valued at approximately $1.1 billion. Marathon offered $6.9 billion, or about $15.80 per barrel for 436 million barrels of proved bitumen reserves. Through the acquisition of Western Oil Sands, Marathon gains a 20% interest in the Athabasca Oil Sands Project (AOSP) which includes the operating Muskeg river mine and the Scotford upgrade for the diluted bitumen.
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