By LNG World News Royal Dutch Shell, through its unit Shell Canada Energy, agreed to sell approximately 206,000 net acres of non-core oil and gas properties in Western Canada to Tourmaline Oil for approximately US$1 billion.
The consideration is comprised of $758 million in cash and Tourmaline shares valued at $279 million, the company said in a statement.
Shell expects to close the transaction in the fourth quarter of 2016.
The acreage includes 61,000 net acres in the Gundy area of Northeast British Columbia, Canada, and 145,000 net acres in the Deep Basin area of West Central Alberta, Canada.
The assets are a combination of developed and undeveloped
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