FORM 10-K IMPERIAL OIL LIMITED

Land Holdings
At December 31, 2004 and 2003, the Company held the following oil and gas rights, and tar sands leases:
Hectares Acres
Developed Undeveloped Total Developed Undeveloped Total
2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003
Western Provinces (thousands)
Conventional –
Gross (1).............. 1,080 1,101 173 187 1,253 1,288 2,669 2,721 427 462 3,096 3,183
Net (2)................... 446 450 118 127 564 577 1,102 1,112 292 314 1,394 1,426
Oil Sands (Cold Lake
and other) –
Gross (1).............. 42 42 193 175 235 217 104 104 477 432 581 536
Net (2)................... 41 41 104 104 145 145 101 101 257 257 358 358
Tar Sands (Syncrude
and other) –
Gross (1).............. 45 41 73 77 118 118 111 101 180 190 291 291
Net (2)................... 11 10 31 32 42 42 27 25 77 79 104 104
Canada Lands (3):
Conventional –
Gross (1).............. 31 31 321 321 352 352 77 77 793 793 870 870
Net (2)................... 3 4 98 98 101 102 7 10 242 242 249 252
Atlantic Offshore
Conventional –
Gross (1).............. 17 17 2,603 1,329 2,620 1,346 42 42 6,432 3,284 6,474 3,326
Net (2)................... 2 2 832 565 834 567 5 5 2,056 1,396 2,061 1,401
Total (4):
Gross (1).............. 1,215 1,232 3,363 2,089 4,578 3,321 3,003 3,045 8,309 5,161 11,312 8,206
Net (2)................... 503 507 1,183 926 1,686 1,433 1,242 1,253 2,924 2,288 4,166 3,541
(1) Gross hectares or acres include the interests of others.
(2) Net hectares or acres exclude the interests of others.
(3) Canada Lands include the Arctic Islands, Beaufort Sea/Mackenzie Delta, and Other Northwest Territories, Nunavut
and the Yukon.
(4) Certain land holdings are subject to modification under agreements whereby others may earn interests in the
Company’s holdings by performing certain exploratory work (farmout) and whereby the Company may earn interests in
others’ holdings by performing certain exploratory work (farmin).
Exploration and Development
The Company has been involved in the exploration for and development of petroleum and natural gas in
the Western Provinces, in the Canada Lands (which include the Arctic Islands, the Beaufort Sea/
Mackenzie Delta, and Other Northwest Territories, Nunavut and the Yukon) and in the Atlantic Offshore.
The Company’s exploration strategy in the Western Provinces is to search for hydrocarbons on its
existing land holdings and especially near established facilities. Higher risk areas are evaluated through
shared ventures with other companies.
The following table sets forth the conventional and oil sands net exploratory and development wells that
were drilled or participated in by the Company during the five years ended December 31, 2004.
9
2004 2003 2002 2001 2000
Western and Atlantic Provinces:
Conventional
Exploratory –
Oil..................................................... – – – – –
Gas................................................... 2 3 1 1 3
Dry Holes........................................... 1 1 2 – 1
Development –
Oil..................................................... 3 4 1 17 18
Gas................................................... 207 89 42 68 49
Dry Holes........................................... 1 3 3 – –
Oil Sands (Cold Lake and other)
Development –
Oil..................................................... 218 118 332 307 112
Total................................................................. 432 218 381 393 183
The 218 oil sands development wells in 2004 were related to productivity maintenance in existing stages
at Cold Lake. In 2004, there was an increase in gas development wells related to an increase in drilling in
shallow gas fields.
At December 31, 2004, the Company was participating in the drilling of 17 gross (11 net) exploratory and
development wells.