Newspaper article The Canadian Press

Cenovus Selling Palliser Assets in Alberta to Torxen for $1.3 Billion

Newspaper article The Canadian Press

Cenovus Selling Palliser Assets in Alberta to Torxen for $1.3 Billion

Article excerpt

Cenovus offloads another energy asset

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CALGARY - Cenovus Energy Inc. (TSX:CVE) says it has agreed to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger for $1.3 billion.

The cash sale is expected to close in the fourth quarter, subject to customary conditions.

This is the latest in a string of assets the Calgary-based oilsands company has sold to reduce its $3.6 billion asset-sale bridge facility.

On Sept. 25, Cenovus said it had agreed to sell its Suffield crude oil and natural gas operations in southern Alberta to International Petroleum Corporation for $512 million in cash.

The company earlier announced the sale of its Pelican Lake heavy oil operations in northern Alberta for $975 million in cash to cross-town rival Canadian Natural Resources (TSX:CNQ). …

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