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Crew Energy announces acquisition of strategic Montney acreage


Published Apr 11, 2014
Crew Energy Inc.-2

Crew Energy Inc. of Calgary, Alberta is pleased to announce the successful completion of an acquisition of certain strategic Montney liquids rich natural gas properties in northeast British Columbia for approximately $105 million. The acquired assets include 75 net sections of land that are either contiguous with existing Crew land or increase Crew's working interest in joint interest lands.

In a separate transaction, Crew has entered into an agreement to sell certain petroleum and natural gas assets (75% natural gas) focused primarily in the Deep Basin of Alberta in exchange for approximately $222 million in cash before closing adjustments plus approximately 400 bbls per day of heavy oil production. Upon completion of the disposition, Crew plans to expand its previously announced 2014 exploration and development capital program by $39 million to $285 million to accelerate the Company's Montney development.

Tags: Crew Energy Inc




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