Whitecap Resources to buy certain Saskatchewan assets from Husky

Whitecap Resources Inc., Calgary, has agreed to acquire certain assets in southwestern Saskatchewan from Husky Energy Inc., Calgary, for $595 million (Can.). The sale is subject to regulatory approval.

The assets produce about 11,600 boe/d.

This is Husky’s third asset sale agreement in 2016. Husky agreed to sell 65% ownership interest in select midstream assets in April for $1.7 billion (Can.) while retaining 35% ownership in a newly formed limited partnership and remaining the operator (OGJ Online, Apr. 26, 2016). On May 2, Husky reported reaching an agreement to sell royalty interests in western Canada for $163 million in cash.

Husky said proceeds from the transactions will be used to strengthen its balance sheet, and that work continues on the planned sale of several others packages in western Canada.

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