Canbriam Energy closes deal to purchase Suncor assets in Northeast B.C.

The Altares b-24-H natural gas processing facility near Hudson's Hope. Photo by Canbriam Energy

CALGARY, A.B. – Canbriam Energy has announced they have closed the transaction with Suncor Energy to purchase all of Suncor’s land holdings in Northeast B.C.

In February, Canbriam announced the transaction saying Suncor would receive a 37 percent equity interest in Canbriam worth $52 million.

“We are pleased to close this acquisition and look forward to the seamless integration of the additional Montney lands into our operations,” said Paul Myers, Canbriam’s President & Chief Executive Officer. “We would also like to welcome Suncor as a shareholder of Canbriam and its two representatives to our Board of Directors.”

In its 2018 capital budget, Canbriam is hoping to reach full capacity at its Altares Montney asset, based on nameplate capacity of 40,000 barrels of oil equivalent per day including liquids. The company’s full-year production expectations of between 37,000 and 39,000 barrels of oil equivalent per day reflect routine downtime as existing wells are temporarily taken offline to accommodate the completion and tie-in of new wells.

In February Canbriam also said it had deferred construction of Phase 3 of its Altares Processing Facility, which once complete is expected to add an incremental 120 million cubic feet per day of processing capacity.