Apache (NYSE: APA) Sells Alberta Assets
Private Canadian company Ember Resources Inc. will purchase oil and gas assets in the Nevis, North Grant Lands and South Grant Lands of Alberta, Canada from Apache Corporation. Included in the purchase are 530 thousand net acres, and 2.7 thousand wells. The average production of these wells has been about 67 million cubic feet of gas, and 237 barrels of liquid hydrocarbons per day. Total cost of the purchase is set at $214 million.
This sale remains in line with Apache’s previous announcement to divest $4 billion in assets by 2014. These divestments will reduce debt and allow Apache to repurchase shares under a 30 million repurchase program that was given the green light by the company’s Board of Directors earlier this year.
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