(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