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Apache Sells Canadian Oil Assets to Cardinal for C$330 Million

Source: Reuters 6/1/2017, Location: North America

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U.S. oil and gas producer Apache Corp is selling Canadian light oil assets to Canada's Cardinal Energy Ltd so it can focus on high-growth areas like the Permian basin shale play, an Apache spokesman said.

The C$330 million ($243.99 million) cash deal includes the House Mountain assets in Alberta and Apache's share of the Weyburn and Midale units in southeast Saskatchewan, which together produce 5,000 barrels of oil equivalent per day. ($1 = 1.3525 Canadian dollars)

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