10-23-16 Shell Sells $1Billion In Northern Assets

PennEnergy: Royal Dutch Shell plc, through its affiliate Shell Canada Energy (“Shell”) announced it has agreed to sell approximately 206,000 net acres of non-core oil and gas properties in Western Canada to Tourmaline Oil Corp. for a total consideration of approximately $1,037 million (C$1,369 million). The consideration is comprised of $758 million in cash and Tourmaline shares valued at $279 million. Subject to regulatory approvals the transaction is expected to close in the fourth quarter of 2016. The acreage includes 61,000 net acres in the Gundy area of Northeast British Columbia, [...]