Strathcona Resources Ltd. has signed a series of three agreements to sell its assets in the Montney region valued at a total of $2.84 billion.
The company says once the deals are complete it will be a pure-play heavy oil company.
Strathcona says Arc Resources Ltd. will acquire its Kakwa asset in a deal valued at $1.7 billion, while Tourmaline Oil Corp. will buy its Groundbirch asset for $291.5 million in Tourmaline shares.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
Strathcona is also selling its Grande Prairie asset in an agreement valued at $850 million. It did not identify the buyer.
The company also said it has bought the Hardisty rail terminal in Alberta for about $45 million.
It says the terminal is the largest crude-by-rail terminal in Western Canada.
- IBC estimates $230M in insured damage claimed from Edmonton storms
- Alberta First Nation sues Ottawa over $5 treaty annuity, argues amount stuck in 1899
- Jobs hang in the balance as Ekati diamond mine in N.W.T. closing early
- WestJet flight attendants hold information pickets as strike vote takes place
Comments
Want to discuss? Please read our Commenting Policy first.