One-Page Deal Sheet
Cenovus Sells ORR Interest in Martin Hills Asset for C$102 Million
Topaz Energy Corp. Cenovus Energy Inc.
Announced Date
May 18,2021
Effective Date
May 01,2021
Close Date
May 18,2021
Transaction Type
Royalty
Enterprise Value (EV)($MM)
102
Asset/Basin:
["Clearwater (Marten Hills)", "Western Canada Sedimentary Basin"]
TargetZones:
["Clearwater"]
Transaction Details: Subscribe to see
Cenovus Energy Inc. has sold its gross overriding royalty (GORR) in the Marten Hills area of Alberta to Topaz Energy Corp. for gross cash proceeds of $102 million.
The sale successfully closed today with a May 1, 2021 effective date.
Cenovus will use the sale proceeds to reduce net debt, consistent with its commitment to use non-core asset sales to accelerate deleveraging to achieve the company’s interim net debt target of $10 billion.
Alex Pourbaix, Cenovus President & Chief Executive Officer, said: “This transaction demonstrates our ability to strategically identify opportunities in our…
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| Nov-06-2024 |
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