Canbriam sells ‘non-core’ Montney lands

Canbriam Energy Inc. has sold some non-core Montney lands in northeast British Columbia for total proceeds of $50 million.

The asset has no associated production and the disposition closed on July 30, 2018.

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"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 and chief executive officer.

Canbriam's Altares asset continues to deliver consistent performance with Q2 2018 production averaging approximately 40,400 boe/d, 16 per cent 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. 

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