After announcing a couple of weeks ago about its intent to sell nearly half its Canadian assets, Devon Energy seemed to take its first step to officially place the producing properties on the market.
On Scotia Waterous’s website, Devon Canada is listed with having a whopping 97,000 boe/d up for sale. Here’s the information from ScotiaWaterous.com:
Devon Canada Corporation has initiated a process to divest of its non-core conventional oil and gas assets in Western Canada and has retained Scotia Waterous as its lead financial advisor to assist in this process.
The assets available for sale are located in Northeast British Columbia, Alberta and Southern Saskatchewan. To facilitate a more comprehensive review, the assets will be organized into several package areas. Forecast 2013 working interest production from the assets is approximately 97,000 boe/d before deduction of royalties (26% liquids).
Devon Canada produces approximately 200,000 boe/d. According to a Financial Post report, the sale of its assets are expected to bring upwards of $3 billion.
The sale is also said to potentially impact 900 of 2,000 jobs in western Canada.