-12.4 C
Fort St. John
Friday, February 22, 2019
9924 101 ave Fort St. John, B.C.
Home Energy News Pengrowth sells Bernadet Montney lands for $92 million

Pengrowth sells Bernadet Montney lands for $92 million


CALGARY, A.B. — Pengrowth Energy Corporation announced today that it has sold its non-producing lands at Bernadet in the Montney Basin for $92 million in cash.

The Bernadet asset encompasses 36.6 sections of land with no associated production, cash flow, and neither reserves nor resources.

Derek Evans, President and Chief Executive Officer of Pengrowth commented, “We believe this transaction provides a compelling opportunity to realize value on an asset that has no associated production or cash flow and will allow us to further deleverage our balance sheet. We continue to be active in the Montney through our Groundbirch assets, which are currently producing and which have demonstrated excellent potential to provide long-term growth in production and reserves for Pengrowth.”

- Advertisement -

The sale is expected to close on or about March 31st, subject to customary closing conditions.

get the latest news in your inbox



Local Events

Must Read

A look at 16 new recommendations for Ottawa on the Trans...

CALGARY, A.B. - The National Energy Board has endorsed an expansion of the Trans Mountain pipeline. If approved by Ottawa, the regulator says it...

8th Annual Crystal Cup starts tonight