Apache To Sell Selected Canadian Oil And Gas Assets For $112 Million In Two
HOUSTON, Sept. 17, 2013
HOUSTON, Sept. 17, 2013 /PRNewswire/ --Apache Corporation (NYSE, Nasdaq: APA)
announced today it has agreed to sell certain oil and gas producing properties
in Canada in two separate transactions with a combined value of US$112 million
Apache has agreed to sell its Hatton, St. Lina, Marten Hills, Snipe Lake,
Valhalla, and a portion of its Hawkeye producing properties. These are
primarily dry gas developments located in Saskatchewan and Alberta and
comprise approximately 4,000 operated and 1,300 non-operated wells that
averaged daily production of 38 million cubic feet of natural gas and 750
barrels of oil, condensate and natural gas liquids, net to Apache, during the
Both transactions have an effective date of April 1, 2013, and are expected to
close during the fourth quarter.
Last month, Apache announced the sale of its Nevis, North Grant Lands, and
South Grant Lands assets, which are also in Alberta. Including transactions
involving company properties and assets in Canada, the Gulf of Mexico and
Egypt, Apache has announced divestments totaling nearly $7.2 billion.
"In Canada, Apache is focused on growing liquids production from a deep
inventory of crude oil- and liquids-rich opportunities in Canada's Western
Sedimentary Basin," said Rodney J. Eichler, president and chief operating
officer. "Our extensive remaining acreage in these areas can generate
attractive rates of return and provide for more predictable production growth.
We also remain focused on advancing the Kitimat LNG project to monetize large
unconventional resources in the Liard and Horn River basins in northern
RBC Capital Markets acted as financial advisor and Osler, Hoskin & Harcourt
LLP provided legal representation for Apache in these transactions.
Apache Corporation is an oil and gas exploration and production company with
operations in the United States, Canada, Egypt, the United Kingdom, Australia
and Argentina. Apache posts announcements, operational updates, investor
information and copies of all press releases on its website,
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements can be identified by words
such as "anticipates," "intends," "plans," "seeks," "believes," "estimates,"
"expects" and similar references to future periods. These statements include,
but are not limited to, statements about future plans, expectations, and
objectives for Apache's operations, including statements about our drilling
plans, production expectations, and the Kitimat LNG project in Canada, asset
sales and monetizations. The transactions are subject to customary closing
conditions and may not be completed for the amount expected, in the
anticipated time frame, or at all. While forward-looking statements are based
on assumptions and analyses made by us that we believe to be reasonable under
the circumstances, whether actual results and developments will meet our
expectations and predictions depend on a number of risks and uncertainties
which could cause our actual results, performance, and financial condition to
differ materially from our expectations. See "Risk Factors" in our 2012 Form
10-K filed with the Securities and Exchange Commission for a discussion of
risk factors that affect our business. Any forward-looking statement made by
us in this news release speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking statement,
whether as a result of new information, future development, or otherwise,
except as may be required by law.
SOURCE Apache Corporation
Contact: Media: Houston, Bill Mintz, (713) 296-7276, or Patrick Cassidy, (713)
296-6100, or Bob Dye, (713) 296-6662, or Calgary, Paul Wyke, (403) 303-5925,
or Investors: Brady Parish, Castlen Kennedy, Christopher Cortez, or Alicia
Reis, all at (281) 302-2286
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