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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: SofaSpud who wrote (10845)	5/21/1998 1:14:00 PM
From: SofaSpud	Respond to of 15196

FINANCING / Imperial Oil Share Repurchase Program IMPERIAL OIL LIMITED TORONTO, May 21 /CNW/ - Imperial Oil today announced that it will seek acceptance from the Montreal Exchange and The Toronto Stock Exchange to continue its existing share repurchase program that will expire on June 18, 1998. 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 Montreal Exchange and 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 439.8 million shares outstanding. Acceptance is expected on June 17, 1998. Exxon 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. Exxon said it will review its participation from time to time and inform Imperial of any change in its intentions. Imperial expects to begin making share purchases under the new program on or about June 19, 1998. -30- For further information: Investor Relations, Jean Cote, (416) 968-4262; Media Relations, Richard O'Farrell, (416) 968-4875