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Apache to sell producing Alberta assets to Ember Resources

BY TESS STYNES
 
HOUSTON -- Apache Corp. (APA) agreed to sell oil-and-gas producing assets in western Alberta to privately held Canadian company Ember Resources Inc. for $214 million, part of the U.S company' s broader effort to shed $4 billion in assets by year' s end.

On Thursday, Apache President and Chief Operating Officer Rodney J. Eichler said the company plans to focus on its "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."

Apache also remains "focused on advancing the Kitimat LNG project to monetize large unconventional resources in the Liard and Horn River basins in northern British Columbia."

Apache has been divesting itself of assets as it aims to to shore up its balance sheet after years of aggressive acquisitions. In a much larger deal last month, Apache agreed to sell its shallow-water operations in the Gulf of Mexico to Fieldwood Energy LLC, a private-equity-backed firm, for $3.75 billion.

The assets Apache is divesting itself of include 621,000 acres with an average net production of 67 million cubic feet of gas and 237 barrels of liquid hydrocarbons a day from late Cretaceous sands and coal seams. Apache will retain 100% working interest in horizons below the Cretaceous.

The deal is expected to close in the current quarter.

Shares closed Wednesday at $80.74 and weren' t active in recent premarket trading. The stock is up 2.9% this year.
 
Dow Jones Newswires

08/15/2013

 

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