Cenovus sells Shaunavon asset to Surge for C$240 mln

Tue Jun 11, 2013 5:07pm EDT
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CALGARY, Alberta, June 11 (Reuters) - Oil sands developer Cenovus Energy Inc said on Tuesday that Surge Energy Inc will pay C$240 million ($236 million) for its properties in the Shaunavon tight oil field in Saskatchewan.

Cenovus put its Shaunavon and Saskatchewan Bakken oil field assets up for sale in February to concentrate on developing its Alberta oil sands assets.

The properties purchased by Surge produce about 3,600 barrels of oil per day.

The sale is expected to close by mid-July.