Cenovus to sell Pelican Lake assets for C$975M

Cenovus Energy Inc. has agreed to sell its Pelican Lake heavy oil operations, as well as other miscellaneous assets in northern Alberta with production of approximately 19,600 boe/day, to Canadian Natural Resources Ltd. for gross cash proceeds of $975 million Canadian.

Proceeds from the sale will be applied against the $3.6 billion asset-sale bridge facility put in place to help fund Cenovus’ acquisition of assets from ConocoPhillips earlier this year. With the close of this asset sale, the company intends to retire the first tranche of the bridge facility. The remaining two tranches mature in November 2018 and May 2019.

For more information, visit www. cenovus.com or call (403) 766-2000.

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