Marathon Oil Canada Limited Announces Intent to Accelerate Redemption Of Exchangeable Shares
Marathon Oil Canada Limited (TSE: M), an indirect subsidiary of Marathon Oil Company, part of the USX- Marathon Group (NYSE: MRO) and a unit of USX Corporation, announced today that the redemption of its Exchangeable Shares will be accelerated to August 13, 2001.
Under arrangements made at the time of the acquisition of Tarragon Oil and Gas Limited in August 1998, provisions were made to exchange outstanding Exchangeable Shares for shares of USX-Marathon Group Common Stock on a one- for-one basis at any time prior to an Automatic Redemption Date of August 12, 2003.
As less than five percent of the Exchangeable Shares remain outstanding (excluding shares held by affiliated companies) Marathon Oil Canada Limited has decided to accelerate the Automatic Redemption Date. Its direct parent company, 787722 Alberta Ltd. as an assignee of USX Corporation, has elected to exercise a Redemption Call Right effective August 13, 2001 and to exchange shares of USX-Marathon Group Common Stock for the outstanding Exchangeable Shares.
Marathon Oil Company, part of the USX-Marathon Group and a unit of USX Corporation, is a large fully integrated oil firm engaged in the worldwide exploration and production of crude oil and natural gas. Through Marathon Ashland Petroleum LLC, the Company also refines, markets and transports petroleum products in the United States. Visit the company's Web site at http://www.marathon.com/ or http://www.usx.com/.
SOURCE: Marathon Oil Company
Contact: Roger Holliday or Susan Landreneau, both of Marathon Oil