April 9, 2014 / 8:58 PM / in 4 years

Long Run to buy nat gas assets from Crew Energy for C$225 mln

April 9 (Reuters) - Oil and gas producer Long Run Exploration Ltd entered into a deal to buy natural gas assets from bigger rival Crew Energy Inc for about C$225 million ($206 million).

Long Run did not identify the seller in its statement, but Crew Energy said separately that it was selling assets in the Deep Basin of Alberta to accelerate development of its assets in the Montney shale field.

The deal includes about 400 barrels per day of heavy oil production, Crew Energy said.

The deal is expected to close on or about May 30.

$1 = 1.0919 Canadian Dollars Reporting By Tanvi Mehta in Bangalore

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