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Shell Canada Limited Completes Acquisition of Duvernay Oil Corp.


Shell Canada Limited (“Shell Canada”), a wholly owned subsidiary of Royal Dutch Shell plc, announced on August 22, 2008, 61,661,551 common shares of Duvernay Oil Corp (“Duvernay”) have been validly deposited to the offer by BRS Gas Corp., a wholly-owned subsidiary of Shell Canada, to acquire all of the common shares of Duvernay (including common shares issuable upon the exercise or surrender of any options). BRS Gas Corp. has taken up all such shares, which represent approximately 97.7% of the common shares of Duvernay on a fully-diluted basis, and will pay for such shares on or before August 27, 2008.

Shell Canada first announced its intention to make the offer on July 14, 2008 and BRS Gas Corp. mailed its take-over bid circular to the shareholders of Duvernay on July 17, 2008. As a result of today’s announcement, Shell Canada, through its wholly-owned subsidiary BRS Gas Corp., has now declared its offer to acquire the common shares of Duvernay to be wholly unconditional.

BRS Gas Corp. will now exercise its statutory rights under the Business Corporations Act (Alberta) to compulsorily acquire the remaining Duvernay common shares that were not deposited to the offer. Following the compulsory acquisition, BRS Gas Corp. intends to cause Duvernay to de-list the Duvernay common shares (TSX:DDV) from the Toronto Stock Exchange and to apply to securities regulatory authorities to cease to be a reporting issuer.

Cautionary statement

This announcement contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended December 31, 2007 (available at and - opens in a new window). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, August 22, 2008. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.


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