Apache Agrees to Sell Alberta Assets to Ember for $214 MillionTina Davis
Apache Corp. agreed to sell oil and natural gas assets in western Alberta to closely held Ember Resources Inc. for $214 million.
The sale includes 530,000 net acres and more than 2,700 wells that produced 67 million cubic feet of gas and 237 barrels of liquids a day on average during the second quarter, Houston-based Apache said in a statement today. The transaction is expected to close during the third quarter and has an effective date of April 1, 2013, the company said.
Apache will use proceeds to reduce debt and buy back shares. The transaction, which includes the Nevis and North and South Grant Lands areas, is part of the company’s plan to sell $4 billion in assets by year end.
“Apache is focused on growing our liquids production from a deep inventory of crude oil and liquids-rich opportunities that generate attractive rates of return on our extensive remaining acreage in Canada’s Western Sedimentary Basin,” Chief Operating Officer Rodney J. Eichler said in the statement.