Canadian oil and gas company Suncor Energy Inc. (SU,SU.TO) Tuesday announced a deal to sell certain natural gas properties to Progress Energy Resources Corp. (PRQ.TO) for approximately C$390 million. The sale is expected to close at the end of the first quarter.
Suncor said the sale includes properties known as Jedney, Beg and Blueberry, which are located in British Columbia about 125 kilometres northwest of Fort St. John. Current production on these lands is approximately 43.8 million cubic feet equivalent per day, or mmcfe/d.
According to Suncor, it plans to divest of a number of non-core assets as part of its strategic business alignment. The proposed divestments include certain natural gas assets in Western Canada and the United States Rockies, all Trinidad and Tobago assets and certain non-core North Sea assets, including all assets in The Netherlands.
To date, Suncor has reached agreements to dispose assets for aggregate consideration of approximately C$907 million. This includes the U.S. Rockies assets and the assets announced today, the company noted.
SU closed Tuesday's trading at US$29.85 on the NYSE, up US$0.73 or 2.51%, on a volume of 13.92 million shares.
On the TSX, SU.TO rose C$0.57 and ended at C$31.85 on Tuesday on 5.65 million shares.
PRQ.TO closed at C$13 on the TSX on Tuesday, unchanged from the previous day close.
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