Pengrowth Energy selling remaining Swan Hills properties for $150M
Pengrowth Energy has entered into an agreement for the sale of its remaining Swan Hills assets in North Central Alberta for total cash consideration of $150M, subject to customary adjustments. When combined with the approximate $18M deposit from the initial sales process which was terminated on July 11, total consideration for the sold assets will be approximately $168M before closing adjustments. The assets to be sold generated average daily production of approximately 5,060 BOE/day, 82% towards liquids, during Q2 and had 31 million boe of Proved plus Probable reserves assigned to them as at December 31, 2016. Closing is expected to occur during Q4. On closing, the sale will complete the company's exit from the Swan Hills area.