June 22, 2011 / 2:08 PM / 7 years ago

UPDATE 1-Connacher Oil to sell Halfway Creek stake, focus on core assets

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June 22 (Reuters) - Canada’s Connacher Oil & Gas Ltd said it, along with Alberta Oil Sands Inc , will sell the entire working interest in Halfway Creek oil sands leases in northeast Alberta to focus on its core Great Divide assets.

Connacher Oil, which owns oil sands leases in Alberta, holds 50 percent in Halfway Creek, while the remaining is held by Alberta Oil Sands.

Calgary-based Connacher Oil’s key assets are two steam-assisted gravity drainage bitumen production projects — Pod One and Algar — that are a core part of its Great Divide assets in the Athabasca oil sands region of Alberta.

Connacher Oil said Great Divide has the potential for more than 55,000 barrels per day of bitumen production.

Connacher Oil, which owns about 100,000 acres of oil sands leases near Ft. McMurray, Alberta, has engaged RBC Rundle to assist in the sale.

Shares of Connacher Oil were down 2 Canadian cent at C$1.11 on Wednesday morning on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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