February 15, 2018
Progress Energy Canada Ltd (Progress) has successfully divested its oil and natural gas assets in Alberta’s Deep Basin. The company’s success in developing those assets played a large part in generating considerable interest from domestic and international parties during the marketing process led by BMO Capital Markets. The proceeds of the sale will be used to grow the company’s world-class unconventional natural gas assets in British Columbia’s North Montney.
“Together with our parent company, PETRONAS, we have built our long-term strategy in Canada based on the commitment that we will operate as a best-in-class unconventional natural gas operator,” says Mark Fitzgerald, Progress President & Chief Executive Officer. “This sale further supports our ability to consolidate our focus on the vast unconventional resource we have in the North Montney in northeast B.C.”
Progress has operated in the Deep Basin since 2004, with those assets representing less than five percent of its operating production.