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Toronto Star: U.S. firm buys stake in oil sands

Oct 16, 2007 03:48 PM

CALGARY–Shareholders of Western Oil Sands Inc., a partner in Canada’s Athabasca Oil Sands Project, approved a $5.8 billion takeover by Marathon Oil Corp.

Investors at a meeting in Calgary today voted 99.3 per cent in favour of the transaction. Canada’s Minister of Industry yesterday approved the acquisition, which is expected to close this week. Western Oil Sands needed the approval of two-thirds of shareholders that participated in the vote. Marathon, based in Houston, agreed to buy Western Oil Sands on July 31, joining such oil companies as Chevron Corp. and Royal Dutch Shell Plc. in seeking to tap the Alberta oil sands found as North America’s traditional oil fields mature and reserves overseas become harder to access.

Western Oil Sands owns 20 per cent of the Athabasca project, which is operated by Shell and expected to produce 770,000 barrels of 0oil. STAR WIRE SERVICES

http://www.thestar.com/article/267414

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