Cenovus Energy Inc., Calgary, has received court approval to buy the remaining assets of Oilsands Quest, which is being restructured under the Canadian Companies’ Creditors Arrangement Act, for $10 million.

It will acquire three oil sands leases covering about 59,000 hectares in northern Alberta and Saskatchewan.

Most of the acreage adjoins to the east Cenovus’s Telephone Lake oil sands lease, where the company has a dewatering pilot project in progress (OGJ Online, July 25, 2012).

Cenovus has applied for permits to develop Telephone Lake with initial production of 90,000 b/d.