By Adriano Marchese
Paramount Resources said that it has agreed to sell a number of its Alberta properties to oil and gas company Ovintiv for 3.33 billion Canadian dollars ($2.38 billion).
The Calgary, Alberta energy company said Thursday that the properties it will sell include Karr, Wapiti and Zama in exchange for the purchase price and certain of Ovintiv's Horn River Basin properties in British Columbia.
In total, the disposed assets include about 170 net sections of Montney lands, with 114 million barrels of oil equivalent proved developed producing reserves as well as infrastructure. The assets produce about 70,000 barrels of oil equivalent a day.
The Horn River Basin properties, which are made up of the Two Island Lake field and Ovintiv's interest in the Kiwigana field, were producing over 40 million cubic feet of natural gas before facilities were shut-in in March of this year.
Paramount said that sale represents a pivotal moment for the company as it continues to pursue the strategy of early-stage resource capture, delineation and development, and then realizing value from the assets.
It said that it may consider adjusting its monthly dividend once the transaction closes, but will maintain it at the current level of C$0.15 a share until then.
The transaction is expected to close in the first quarter of next year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 14, 2024 06:30 ET (11:30 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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