Commodities
Journey Energy Completes Sale of Northwest Alberta Assets for $28M
Journey Energy Inc. has completed the sale of its Northwest Alberta assets as part of its strategy to focus on unconventional oil development.
The company sold the Ante Creek pool, Pine Creek gas field, and certain minor properties, which were producing about 1,170 boe/d (68% liquids) and carried estimated end-of-life costs of approximately $31 million.
Journey Energy received approximately $28 million in proceeds before closing adjustments, which will be directed to the ongoing development of its Duvernay light oil resource play.