Perpetual Energy Inc. (TO: PMT) signed a definitive purchase and sale agreement to divest several noncore heavy oil properties in eastern Alberta for gross proceeds of $21.6 million, the company said Oct. 27. The company received a $3.24 million deposit, Perpetual added.

The disposition includes about 870 million barrels of oil equivalent (boe) of heavy oil reserves, and 4,026 undeveloped Mannville net acres. These are heavy oil rights, Perpetual said, noting that the whole divestiture should produce, on average, 400 boe/d or 415 boe/d, mostly of heavy oil, in this year’s fourth quarter.

The proceeds will initially establish a bank and working capital surplus, and support Mannville and Edson capital development, Perpetual said.

The transaction is scheduled to close Nov. 7.

Calgary, Alberta-based Perpetual Energy Inc. develops and produces Canadian heavy oil, NGL and gas.