Apache Corp. said Tuesday afternoon it would sell various oil and gas producing properties in Canada in two separate deals worth $112 million.
The Houston energy company is selling its Hatton, St. Lina, Marten Hills, Snipe Lake, Valhalla, and a portion of its Hawkeye producing properties.
They are primarily dry gas developments in Saskatchewan and Alberta and comprise about 4,000 operated and 1,300 non-operated wells. The wells averaged daily production of 38 million cubic feet of natural gas and 750 barrels of oil, condensate and natural gas liquids, net to Apache, during the second-quarter 2013.
This is the latest move from Apache to sell off some assets. Last month, it said it would sell of its Nevis, North Grant Lands, and South Grant Lands assets, which are also in Alberta.
Including transactions involving company properties and assets in Canada, the Gulf of Mexico and Egypt, Apache has announced divestments totaling nearly $7.2 billion.
“In Canada, Apache is focused on growing liquids production from a deep inventory of crude oil- and liquids-rich opportunities in Canada’s Western Sedimentary Basin,” Rodney J. Eichler, president and chief operating officer said in a statement. “Our extensive remaining acreage in these areas can generate attractive rates of return and provide for more predictable production growth. We also remain focused on advancing the Kitimat LNG project to monetize large unconventional resources in the Liard and Horn River basins in northern British Columbia.”
RBC Capital Markets acted as financial adviser and Osler, Hoskin & Harcourt LLP provided legal representation for Apache in these transactions.
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