Imperial Oil will seek acceptance to continue its existing share repurchase program TORONTO, May 27 /PRNewswire-FirstCall/ -- Imperial Oil today announced that it will seek acceptance from the Toronto Stock Exchange to continue its existing share repurchase program facility that will expire on June 22, 2004. Under the program Imperial would be able to purchase up to five percent of its issued and outstanding shares on the date of acceptance by the Toronto Stock Exchange during the 12 months after purchases begin. That total will be reduced by the number of shares purchased for the company's employee savings plan and employee retirement plan. Imperial retains flexibility regarding when and how many shares are purchased. Imperial currently has approximately 358.5 million shares outstanding. Acceptance is expected on June 21, 2004. Exxon Mobil Corporation has advised Imperial that it will participate in the new program, as it has in the existing one, to maintain its ownership percentage in Imperial at 69.6 percent. ExxonMobil said it will review its participation from time to time and inform Imperial of any change in its intentions. DATASOURCE: Imperial Oil Limited CONTACT: Investor Relations, Jean Cote, (416) 968-4262; Media Relations, Richard O'Farrell, (416) 968-4875

Copyright