Imperial Oil Ltd. (TSX: T.IMO, Stock Forum) is selling its interest in assets located in Boundary Lake, Cynthia/West Pembina, and Rocky Mountain House in Western Canada to Whitecap Resources Inc. (TSX: T.WCP, Stock Forum) for approximately $855 million.
These assets produced about 15,000 oil-equivalent barrels per day in 2013 on a net before royalty basis, the company said in a press release.
(/www.stockhouse.com/companies/quote/t.key/keyera-corp">TSX: T.KEY, Stock Forum) for $113 million.
Keyera said Whitecap was acquiring the assets ``as part of a larger transaction'' without naming the third party.
Whitecap said it will use proceeds from its side deal with Keyera to help pay for the purchase and has arranged to sell $500 million of equity and debt securities to fund the rest.
The deals are expected to close in May.
Imperial says the lands in Alberta and British Columbia that it's selling to Whitecap produced the equivalent of 15,000 barrels per day last year, split evenly between oil and gas.
Whitecap produced about 19,769 barrels per day in 2013 and had expected to increase its output this year to increase its output this year with a prior acquisition in Saskatchewan completed in January.
Production is split evenly between oil and gas.
Imperial shares added 0.23% to $51.19.