CALGARY�Phillips Petroleum Resources Ltd., Calgary, wants to sell its interests in the Zama oil and gas fields in northern Alberta, which produce 16,500 boe/d.
Jim Taylor, president of the Canadian unit of Oklahoma-based Phillips, said the company plans to redeploy assets into core areas. It will retain about 2,000 boe/d of production in Canada.
Phillips recently acquired the Alaskan interests of Atlantic Richfield Co. and also has expanded operations in China and South America. Taylor did not disclose a target price for the Zama assets but said the company would consider a swap for natural gas assets in the US.
Waterous & Co., Calgary, is handling the sale of the Zama properties and hopes to complete the sale by the end of March. A data room has been opened for potential buyers. Waterous said the property was the largest single Canadian asset ever made available in a public offering.
The Zama properties produce about 90 MMcfd of gas and 7,500 b/d of oil. Phillips said Zama will generate cash flow of about $155 million this year. The sale package includes three sour gas plants and 149 miles of gas gathering systems.