An agreement by Cenovus Energy Inc. (NYSE: CVE) to purchase the remaining assets of Oilsands Quest for $10 million received approval from the Alberta Court of Queen’s bench. The majority of the assets are located adjacent to Cenovus’s proposed Telephone Lake oil sands project in northern Alberta.

The acquisition includes three oil sands leases, covering approximately 59,000 hectares in Alberta and Saskatchewan, that adjoin Cenovus’s Telephone Lake property. Late last year, Cenovus submitted a joint regulatory application and environmental impact assessment for an initial 90,000 b/d project at Telephone Lake. ...