Sign Up for FREE Daily Energy News
 
BREAKING NEWS:
Precision Well Servicing
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy
Precision Well Servicing
Hazloc Heaters

Cenovus reaches agreement to sell Suffield assets for $512 million


CALGARY — Cenovus Energy Inc. (TSX:CVE) says it has reached an agreement to sell its Suffield crude oil and natural gas operations in southern Alberta to International Petroleum Corporation for $512 million in cash.

A release from the Calgary-based oilsands company says the sale, which includes Cenovus’ properties on Canadian Forces Base Suffield and the adjacent Alderson property, is expected to close in the fourth quarter, subject to closing conditions.

Cenovus says net proceeds from the Suffield sale, as well as those from the sale of its Greater Pelican Lake assets, will be applied to reduce the company’s $3.6 billion asset-sale bridge facility.

Cenovus announced earlier this month the sale of its Pelican Lake heavy oil operations in northern Alberta for $975 million in cash to cross-town rival Canadian Natural Resources (TSX:CNQ), with the deal expected to close by the end of September.

In late March Cenovus announced the $17.7 billion acquisition of most of the Canadian assets of Houston-based ConocoPhillips, along with a plan to raise $3 billion by issuing new shares and the marketing of its Pelican Lake and Suffield operations.

The Canadian Press



Share This:



More News Articles


New SHOWCASE Directory Companies

 

Premier Integrated Technologies
Bolongo Ltd.
DRYAIR Manufacturing Corp.
Factors Western Inc.
MCI Solutions
Frac Shack Inc.
Startech Business Systems
Northern Mat & Bridge LP