Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Exxon Mobil Corporation    XOM   US30231G1022

News SummaryMost relevantAll newsSector news 

Exxon Agrees To Fund Up To $50Mln Of Canacol Play In Colombia

04/04/2012 | 05:54pm US/Eastern

ExxonMobil Corp. (>> Exxon Mobil Corporation) agreed to pay up to $50 million to help fund a Colombian oil development being explored by Canacol Energy Ltd. (CNE.T, CAAEF).

Under the deal, which remains subject to approval by Colombian regulators, ExxonMobil will carry some of the cost of drilling and testing up to three wells in one of Canacol's shale oil plays.

Canacol said the arrangement will help it develop the unconventional oil play as Exxon brings its drilling expertise to the region.

ExxonMobil stands to earn half of the proceeds from Canacol's 40% interest in the contract. Canacol plans to retain its 100% interest in the adjacent Santa Isabel exploration and production contract.

Exxon shares were recently off 10 cents at $84.88 after hours. The stock is off 1.6% this month through Wednesday's close.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;

Stocks mentioned in the article : Exxon Mobil Corporation
React to this article
06:24p EXXON MOBIL : Oil company bosses' bonuses linked to $1tn spending on extracting ..
08:02a EXXON MOBIL : Qatar University students visit ExxonMobil Research Qatar
05/24DJOil Companies Look to Join Climate Debate
05/24 EXXON MOBIL : Christie's hold on N.J.'s attorney general riles critics
05/24 Insight - Funds feel heat of coal and tar divestment drive
05/23 CONOCOPHILLIPS : Gov. Walker strengthens ties with oil industry in Slope tour
05/23 EXXON MOBIL : Liza Discovery Could Put Guyana on Oil, Gas Map
05/23 EXXON MOBIL : ExxonMobil denies lobbying on Iran sanctions
05/23 Gov. Walker strengthens ties with oil industry in Slope tour
05/22 EXXON MOBIL : ExxonMobil makes significant oil discovery Offshore Guyana
Duration : Period :
Exxon Mobil Corporation Technical Analysis Chart | XOM | US30231G1022 | 4-Traders
Income Statement Evolution
More Financials