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KNOC to Buy Hunt Oil's Canadian Assets for $525 mln

Source: Reuters 12/15/2010, Location: North America

Korea National Oil Corp (KNOC) has signed a C$525 million ($522.4 million) contract to buy oil and gas assets in Canada from Hunt Oil Co, state-run KNOC said.

Harvest Operations Corp, which KNOC acquired in 2009, had agreed to purchase 100 percent of the oil, gas and shale gas assets of Hunt Oil and Hunt Oil Alberta, KNOC said in a statement.

Total proven and probable reserves of the assets were estimated at 51 million barrels of oil equivalent, the statement said. It added that the acquisition was expected to be completed by the end of January 2011, pending Canadian government approval.

KNOC said in an interview with Reuters that it planned to spend between $2 billion and $3 billion to add 100,000 barrels per day (bpd) of crude production capacity by 2012, and was looking at 5-6 oil assets.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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