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Apache Corp. unloads 600,000 Canadian acres in $214 million natural gas deal

0 Comments| August 16, 2013

HOUSTON, Aug. 16 (UPI) -- Selling off more than 600,000 acres of land yielded natural resources in Canada makes sense given Apache's (NYSE:APA, Stock Forum) growth objectives, the company said.

Apache Corp. said it sold 621,000 gross acres in the Nevis, North Grant Lands and South Grant Lands areas of western Alberta to Canadian energy company Ember Resources Inc. for $214 million.

Apache's Chief Operating Officer Rodney Eichler said his company was keen on focusing on assets in western Canada that generate attractive rates of return.

"This transaction is one element of a comprehensive review of Apache's portfolio to determine which assets make the most sense for Apache to own given our growth and return objectives and which assets are better owned by others," he said in a statement Thursday. "The Nevis, North Grant Lands and South Grant Lands assets fit in the latter category."

Apache said the assets sold produced 67 million cubic feet of natural gas per day in the second quarter.

Ember Resources did not provide public comment regarding the transaction.

Apache also said it was focused on putting its momentum behind a liquefied natural gas export terminal for Kitimat, British Columbia.

Tags: OIL & GAS E&P

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