Petro-Canada to sell seven gas properties

Petro-Canada, Calgary, has completed sales agreements for seven non-core natural gas producing properties in northeastern British Columbia and north-central Alberta. Buyers were not named for the properties, which together produce about 55 MMcfd. Petro-Canada will realize about $270 million (Can.) for the assets.


CALGARY�Petro-Canada, Calgary, has completed sales agreements for seven non-core natural gas producing properties in northeastern British Columbia and north-central Alberta.

Buyers were not named for the properties, which together produce about 55 MMcfd. Petro-Canada will realize about $270 million (Can.) for the assets.

Fields involved are Tommy Lakes, Bubbles, Buick Creek, Fireweed, and Fort St. John, in British Columbia, and Whitecourt and Kaybob, in Alberta.

The British Columbia sales are scheduled to close by year-end and the Alberta sales by February.

Petro-Canada�s average daily gas production in western Canada through September 2000 was about 730 MMcf.

Norm McIntyre, Petro-Canada executive vice-president, said the sale offers buyers a good collection of producing properties. He said western Canada gas remains a strong core business area for Petro-Canada, but its focus is on profitability with volumes being an outcome, not a goal.

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