Enerplus has closed the previously announced sale of our % working interest in the Kirby oil sands lease for proceeds of $ million. Enerplus Resources Fund of Calgary has sold its Kirby oilsands leases for $ million and is spending. Canadian Acquirer-Enerplus Resources Fund has sold its Kirby oil sands lease for $ million and says it has invested $ billion in light oil.
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Enerplus will become the managing partner and the operator of the Kirby project, which operates in the Athabasca oilsands region of Alberta. The Enerplus announcement reflects a trend for energy trusts to move from conventional plays into the larger, less risky oil sands, analyst William Lacey, with FirstEnergy Capital said. Log in Subscribe to comment Why do I need to subscribe? Comments that violate our community guidelines will be removed. All comments will be reviewed by one or more moderators before being posted to the site.
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Comments Endrplus encourage all readers to share their views on our articles and blog posts. Sign in to your account. It was originally called Enerplus Resources Fundand it was Canada’s first income trust. Please check your inbox and follow the instructions to confirm your email. Close is eberplus division of Postmedia inc. Enerplus said that after a strategic review of the asset, the company will sell the interest in Joslyn, a development controlled and operated by French oil and gas giant Total SA.
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Enerrplus a sale would allow Enerplus to focus on its wholly owned Kirby steam-assisted gravity drainage SAGD project and other potential developments, Enerplus said in its earnings release. The company had said earlier this year it would keep Kirby on ice while it evaluates options such as selling the asset or entering into a joint venture.
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The Joslyn project, kirbu which Enerplus acquired its minority stake incould produce up to two billion barrels of bitumen over its planned 30 years of operation. Non-subscribers can read and sort comments but will not be able to engage with them in any way.
The acquisition was announced after the close of markets.
Enerplus confirms sale of stake in Joslyn – The Globe and Mail
Vatican spokesman and deputy suddenly resign, capping year of upheaval. Thank you for your patience. Kirby’s oilsands leases cover a block of 17, hectares in a “highly prospective” area in the heart of the Athabasca oilsands.
Views Read Edit View history. This was the largest American acquisition by a Canadian oil and gas income trust to that time. Its original purpose was to provide income from mature, aging oil and gas assets to retail investors, taking advantage of the tax advantages of the income trust structure. This copy is for your personal non-commercial use only. If you want to write a letter to the editor, please forward to letters globeandmail. Visit our FAQ page for more information. Read most recent letters to the editor.
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Enerplus to buy 90% stake in Kirby Oil Sands
We are committed to maintaining kiryb lively but civil forum for discussion, so we ask you to avoid personal attacks, and please keep your comments relevant and respectful. We are using Facebook commenting. Share Adjust Comment Print. Enerplus Resources Fund, a Calgary-based oil and gas trust, will go ahead with kkirby planned sale of its minority stake in the Joslyn oil sands project in northern Alberta, the company said Friday as it reported higher profit and revenue.
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Published May 9, Updated April 27, If you encounter a comment that is abusive, click the “X” in the upper right corner of the comment box to report spam or abuse. Enerplus was established in by Marcel Tremblay, a pension fund manager and John Brussa, a lawyer.
Sign in to complete account merge. InMark Resources renamed itself Enermark, became an income trust, and joined the Enerplus group of companies.