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Cenovus Sells Shaunavon Tight Oil Asset

Source: www.gulfoilandgas.com 6/11/2013, Location: North America

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Cenovus Energy Inc. has entered into an agreement to sell its Shaunavon tight oil asset in southern Saskatchewan to Surge Energy Inc. for $240 million 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.

The Shaunavon asset consists of 54 sections of land and is currently producing approximately 3,600 barrels of oil per day (as of May 2013).

Cenovus identified its Bakken and Shaunavon assets as candidates for sale after a portfolio review and began marketing both assets in February 2013. The companyís Bakken asset remains on the market. CIBC World Markets Inc. is acting as financial advisor to Cenovus with respect to the sale of the Shaunavon asset and continues to assist with the divestiture process related to the Bakken asset.

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