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