Rubellite Ditches Natural Gas Assets, Shifts Focus to Heavy Oil Production

Rubellite Energy Corp. has sold its 50% non-operated working interest in the East Edson natural gas assets to a third-party operator for $67 million.

The consideration was satisfied through the delivery of 2.083 million freely tradeable common shares of Topaz, valued at $32.1588 per share.

Rubellite's President and CEO Sue Riddell Rose said the sale transitions the company back to a pure play heavy oil producer, sharpening its focus on multi-lateral horizontal development in the Clearwater and Mannville stack assets.