PetroBakken Energy Ltd. announced this afternoon that they have agreed to sell non-core southeast Saskatchewan assets to Crescent Point Energy Corp. for $427 million.
A press release issued by Crescent Point Energy earlier today said that the transaction is expected to close on or before March 14.
The sale represents seven per cent of PetroBakken's land holdings and about 12 per cent of its production. The assets include about 2,900 barrels of oil equivalent (boe) of Bakken light oil production, according to a January field estimate, along with more than 25 net sections of land in the waterflood area of the Viewfield Bakken light oil resource play in the southeast.
The release says more than one billion barrels of petroleum are on the lands proposed in the waterflood units.
Crescent Point Energy has also closed an agreement to acquire producing assets in southwest Manitoba for $130 million, and upon completion of both deals Crescent Point's average daily production in 2012 is expected to increase to 86,000 boepd from 83,500 boepd.
For the complete story, see next week's edition of The Mercury.