CALGARY, Alberta, Oct. 1 (UPI) —
Canadian energy company Encana Corp. said it completed the sale of the acreage and associated infrastructure in Alberta to a rival for $1.8 billion.
The company closed on the deal to sell off its Bighorn interest to Jupiter Resources. Encana said that, as of year-end 2013, Bighorn had net proved reserves of 1.1 trillion cubic feet of oil equivalent, of which 75 percent is natural gas.
When announcing the sale in July, Encana said the 360,000 net acres at Bighorn hadn’t been receiving significant investment this year.
There was no statement on the close from Jupiter Resources.
Encana said Monday it acquired rival Athlon Energy to become one of the largest oil players in the Permian shale basin, located in Texas.
The U.S. Energy Information Administration said the Permian basin has exceeded production from offshore Gulf of Mexico since 2013
Permian production increased 58 percent from 2007 to reach 1.35 million bpd last year, which represents 18 percent of total U.S. crude oil production.