Pengrowth Energy Corp. says it has a new agreement to sell producing assets in the Olds-Garrington area of central Alberta for $300 million cash.
The Calgary-based oil and natural gas company says due to the sale, it now expects to produce an average of between 41,500 and 43,500 oil-equivalent barrels per day in 2017, down from the previous estimate of between 43,500 and 45,500 barrels per day.
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Pengrowth says a previously announced deal to sell an asset package in the Swan Hills area of northern Alberta has been terminated due to the buyer’s inability to arrange financing.
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The company plans on resuming efforts to find another buyer for the Swan Hills assets as it tries to reduce its debt load from proceeds of its non-core assets.
It did not identify the buyers in either of the transactions.
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