By OGJ editors
HOUSTON, Feb. 19 -- Canadian Natural Resources Ltd., Calgary, has bought Petrovera Resources, which was a partnership between EnCana Corp., Calgary, and ConocoPhillips Canada. The transaction closed Feb. 18, with an effective date retroactive to Jan. 2.
Petrovera is an Alberta partnership that produces heavy oil in Western Canada.
The transaction involved two steps. EnCana purchased ConocoPhillips's 46.7% stake in Petrovera for $250 million and then sold 100% interest in Petrovera to Canadian Natural for $535 million before working capital adjustments.
EnCana said its heavy oil strategy is focused on enhanced recovery projects at
Suffield and Pelican Lake in addition to being a low cost in-situ oil sands producer
using steam-assisted gravity drainage technology at the company's 100% owned Foster Creek and Christina Lake oil sands projects.