Crew Energy Inc. (Toronto: CR) announced Aug. 28 it entered into an agreement to sell its petroleum and natural gas assets in the Princess area of Southeast Alberta for roughly $138.1 million (C$150 million). The buyer wasn't disclosed.
The sale will allow Calgary's Crew to sharpen its focus on the development of its core Montney assets in Northeast British Columbia. Proceeds from the sale will be used to expand the company's 2014 capital program in the play by $18.4 million (C$20 million) and repay bank debt.
The Princess assets consist of:
- Current production of 3,650 barrels of oil equivalent per day (boe/d), 78% liquids, based on field estimates;
- Total proved reserves of 12.4 million barrels of oil equivalent (MMboe), 86% liquids;
- Total proved plus probable reserves of 22.7 MMboe, 87% liquids. with total future development capital of $70 million ; and
- 259,234 net acres of petroleum and natural gas rights.
Macquarie Capital Markets Canada Ltd. was financial advisor to Crew and each of TD Securities Inc., Cormark Securities Inc. and GMP Securities LP acted as strategic advisors on the Princess disposition.
The disposition is scheduled to close by Sept. 30. with an effective date of Aug. 1.
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