September 10, 2012 / 9:43 PM / in 6 years

NuVista Energy to sell 3 oil and gas properties for C$236 million

(Reuters) - Oil and natural gas company NuVista Energy Ltd (NVA.TO) said it will sell three properties in Canada for about C$236 million ($241.9 million) to repay debt.

The natural gas and heavy oil properties being disposed are located in Alberta and Saskatchewan. They have a combined production capacity of 7,200 barrels of oil equivalent per day.

Proceeds from the sale will be used to reduce the company’s outstanding bank debt, NuVista said.

The company had C$339 million in long-term debt, as of June 30.

NuVista said it now plans to focus on its condensate-rich Montney properties.

Shares of the company, which has a market value of $478.1 million, closed at C$4.65 on the Toronto Stock Exchange on Monday.

($1 = 0.9757 Canadian dollars)

Reporting by Shounak Dasgupta in Bangalore; Editing by Joyjeet Das

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