Surge Energy to buy Saskatchewan tight oil assets from Cenovus

Surge Energy Inc. agreed to buy a tight oil asset in southern Saskatchewan from Cenovus Energy Inc. of Calgary for $240 million, with closing expected by mid-July, subject to normal closing conditions.

The agreement involves what Cenovus calls the Shaunavon asset, which involves 54 sections of land and currently produces 3,600 b/d. Previously, Cenovus said it was looking for buyers for its Bakken and Shaunavon assets. The Bakken assets remain unsold.

Last year, Cenovus said its oil production in Alberta increased 14% to more than 29,000 b/d as the company continued to focus on developing new tight oil plays on its existing lands in southern Alberta. Average oil production from the Lower Shaunavon and Bakken tight oil plays more than tripled compared with the same period last year to about 6,200 b/d due to a successful drilling program, although production continues to be affected by delays in facility construction (OGJ Online, July 25, 2012).

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected