June 11, 2013
Cenovus Energy Inc. (TSX, NYSE: CVE) has entered into an agreement to sell its
tight oil asset in southern
to Surge Energy Inc. for
cash consideration. The transaction has an effective date of
July 1, 2013
and is expected to close by mid-July, subject to normal closing conditions.
asset consists of 54 sections of land and is currently producing approximately 3,600 barrels of oil per day (as of
Cenovus identified its Bakken and
assets as candidates for sale after a portfolio review and began marketing both assets in
. The company's Bakken asset remains on the market. CIBC World Markets Inc. is acting as financial advisor to Cenovus with respect to the sale of the
asset and continues to assist with the divestiture process related to the Bakken asset.
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern
, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in
. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the
stock exchanges. Its enterprise value is approximately
. For more information, visit
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SOURCE Cenovus Energy Inc.