Murphy Buys Canada Assets

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
MM
Description

Purchase of 148,531 net acres, plant and equipment and about 2,200 BOE per day in production near Seal Lake Area, Canada.

A subsidiary of Murphy Oil Corp. (NYSE: MUR) plans to buy additional stake in assets from Shell Canada Energy around the Seal Lake Area for an undisclosed sum.

The agreement between the two companies covers about 148,531 net acres, associated plant and equipment, and production around 2,200 barrels of oil equivalent (BOE) per day and an estimated 14.0 million BOE of proved and probable reserves.

The deal is expected to close in the fourth quarter 2012. At that point, Murphy’s acreage in the area with total 331,000 net acres with production of more than 9,000 BOE per day. As operator of this area and its existing lands Murphy will be able to advance its growth plans for conventional as well as enhanced oil recovery opportunities.