NuVista Energy Ltd. (TSX:NVA) announced that it plans to sell three of its natural gas and heavy oil properties for C$236 million in order to repay its debt.
As quoted in the press release:
The dispositions include a large portion of NuVista’s W5 natural gas assets plus selected W4 heavy oil assets. Specific assets in the disposition include: Ferrier, Alder Flats and Easyford in the W5 operating area; and Chauvin, Auburndale and Wildmere in the W4 operating area. NuVista has entered into three separate asset purchase and sale agreements for the divestitures and expects closing of all three transactions by early October. W5 assets that have been retained include our Fir/Waskahigan liquids-rich gas areas. These three dispositions will materially sharpen the focus of NuVista’s business and will allow the company’s technical and operating staff to focus on our world class condensate-rich Montney play.