CALGARY, July 31, 2018 /CNW/ – Canbriam Energy (Canbriam) announced today that it has sold some non-core Montney lands in Northeast British Columbia for total proceeds of C$50 million. The asset has no associated production and the disposition closed on July 30, 2018.
“The disposition of non-core acreage supports the core development at our Altares Montney assets and the ongoing deleveraging of our balance sheet,” said Paul Myers, Canbriam’s President & Chief Executive Officer.
Canbriam’s Altares asset continues to deliver consistent performance with Q2 2018 production averaging approximately 40,400 boe/d, 16 percent of which was liquids. Production rates reflect full effective capacity of Canbriam’s owned and operated processing infrastructure. 2018 production expectations are reaffirmed between 37,000 and 39,000 boe/d, which includes routine downtime related to summer drilling and completion activities.
Canbriam Energy Inc. is a private intermediate exploration and production Company with a focus on liquids rich natural gas development. Its principal producing properties and acreage positions are in the Altares and Kobes Montney of northeast British Columbia. Canbriam is focused on generating full cycle value creation from its Montney asset in all commodity price cycles through ownership of all processing and water handling infrastructure, maintaining a low operating cost structure and through proactive risk management that includes hedging commodity price exposure. The Company was founded in 2007 and is headquartered in Calgary, Alberta with an office in Fort St. John, British Columbia.