Winnipeg Free Press By: The Canadian Press Save to Read Later
CALGARY - Cenovus Energy Inc. is selling an Alberta production royalty interest to Topaz Energy Corp. for $102 million, the first step in a plan to sell non-core assets to retire debt in the wake of its takeover of Husky Energy Inc. early this year.
The Cenovus logo seen at the company s headquarters in Calgary, Alta., on November 15, 2017. THE CANADIAN PRESS/Jeff McIntosh
CALGARY - Cenovus Energy Inc. is selling an Alberta production royalty interest to Topaz Energy Corp. for $102 million, the first step in a plan to sell non-core assets to retire debt in the wake of its takeover of Husky Energy Inc. early this year.
Cenovus royalty sale first in plan to sell assets to reduce debt after Husky takeover
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Cenovus royalty sale first in plan to sell assets to reduce debt after Husky takeover
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Liquids-Rich Production in Alberta’s Charlie Lake Field Inspires Calgary Dealmaking
Liquids-rich natural gas and prolific oil properties in northwestern Alberta, known as the Charlie Lake field, inspired C$526 million (US$421 million) in deals announced this week by Calgary-based operators.
In one transaction, Tamarack Valley Energy Ltd. paid C$247.5 million ($198 million) cash and traded 105.3 million shares valued at C$2.34/share ($1.87) for Anegada Oil Corp. In turn, Topaz Energy Corp. bought a royalty interest in the Anegada assets from Tamarack for C$32 million ($25.6 million).
The Anegada properties, in the Peace River area 390 kilometers northwest of the Alberta capital in Edmonton, currently flow up to 2,000 b/d natural gas liquids (NGL), 7,200 b/d oil and 28 MMcf/d natural gas.