Newspaper article The Canadian Press

Cenovus Agrees to Sell Saskatchewan Enhanced Oil Recovery Assets to Whitecap

Newspaper article The Canadian Press

Cenovus Agrees to Sell Saskatchewan Enhanced Oil Recovery Assets to Whitecap

Article excerpt

Cenovus agrees to sell oil assets to Whitecap

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CALGARY - Cenovus Energy Inc. (TSX:CVE) says it is selling its majority stake in a Saskatchewan enhanced-oil recovery project to Calgary-based Whitecap Resources Inc. (TSX:WCP) for $940 million.

The deal is the last on a list of four asset sales the major oilsands producer vowed to complete to help pay for its $17.7-billion acquisition of most of the Canadian assets of Houston-based ConocoPhillips earlier this year.

It has previously agreed to sell its Palliser assets in southeastern Alberta to Torxen Energy and Schlumberger for $1.3 billion, its Suffield operations in southern Alberta to International Petroleum Corporation for $512 million and its Pelican Lake heavy oil assets in northern Alberta for $975 million to Canadian Natural Resources (TSX:CNQ). …

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