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Suncor Energy Agrees to Sell Non-Core Assets in Northeast B.C. to Progress Energy Resources Corp.

Suncor Energy logo Suncor Energy has reached an agreement with Progress Energy Resources Corp. to sell certain natural gas properties for approximately $390 million. Current production on these lands is approximately 43.8 million cubic feet equivalent per day (mmcfe/d).

The sale includes properties known as Jedney, Beg and Blueberry, which are located in British Columbia about 125 kilometres northwest of Fort St. John.

The sale is expected to close at the end of the first quarter and is subject to closing conditions and regulatory approvals typical of transactions of this nature.

As part of its strategic business alignment, Suncor plans to divest of a number of non-core assets. 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, including the U.S. Rockies assets and the assets announced today, Suncor has reached agreements to dispose of assets for aggregate consideration of approximately $907 million.

Suncor Energy Inc. is Canada's premier integrated energy company. Suncor's operations include oil sands development and upgrading, conventional and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. While working to responsibly develop petroleum resources, Suncor is also developing a growing renewable energy portfolio. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

Published 10/02/2010

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