Progress gets out of Alberta to concentrate on North Montney

CALGARY. – Progress Energy Canada has sold its oil and natural gas assets in Alberta’s Deep Basin, that will allow the company to focus on its holdings in B.C.

In October, the company announced they would be putting assets up for sale that produce the oil-equivalent of about 5,500 barrels per day, including natural gas. It said the assets include Progress Energy’s rights to approximately 400,000 gross acres in Alberta’s Deep Basin region, other lands, and related assets such as three gas plants.

The proceeds of the sale will be used to grow the company’s world-class unconventional natural gas assets in British Columbia’s North Montney.

“Together with our parent company, PETRONAS, we have built our long-term strategy in Canada based on the commitment that we will operate as a best-in-class unconventional natural gas operator,” says Mark Fitzgerald, Progress President & Chief Executive Officer. “This sale further supports our ability to consolidate our focus on the vast unconventional resource we have in the North Montney in northeast B.C.”

Progress has operated in the Deep Basin since 2004, with those assets representing less than five percent of its operating production.

The company announced the decision to sell it’s Alberta holdings after deciding not to move ahead with the Pacific Northwest LNG project.