Husky buys heavy oil properties in Lloydminster area

Husky Energy Inc. (TSX:HSE) said Monday it has bought a group of heavy oil properties in the Lloydminster area between Alberta and Saskatchewan for an undisclosed price. The assets being sold by Penn West Energy Trust (TSX:PWT.UN) add more than 6,000 barrels of oil production per day, 12 million barrels of oil proven reserves and 8.5 million barrels of oil probable reserves.

Husky Energy Inc. (TSX:HSE) said Monday it has bought a group of heavy oil properties in the Lloydminster area between Alberta and Saskatchewan for an undisclosed price.

The assets being sold by Penn West Energy Trust (TSX:PWT.UN) add more than 6,000 barrels of oil production per day, 12 million barrels of oil proven reserves and 8.5 million barrels of oil probable reserves.

Husky also acquired 26 sections of undeveloped land with the purchase, and has identified more than 70 drilling locations and 235 recompletion and startup opportunities.

“Husky has a long history as a heavy oil producer in the Lloydminster area and these assets, of course, will complement our strong position within this area,” said Husky spokeswoman Sharon Murphy. The financial terms of the deal are not being made public, she said.

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