Enerplus sells stake in oil sands developer for $141 million

Oil and gas firm says proceeds from the sale will be used to pay down debt.

August 21, 2012   by The Canadian Press

CALGARY—Enerplus Corp. is selling its stake in private oilsands developer Laricina Energy Ltd. for $141 million.

The Calgary-based oil and gas company said the proceeds will be used to pay down debt.

“This is an important step in our plans to monetize non-core assets within our portfolio to fund the growth opportunities we have captured and preserve our balance sheet flexibility,” said Gordon Kerr, Enerplus CEO.

Enerplus produces oil and gas in BC, Alberta, Saskatchewan and Manitoba. In the US, it produces oil in Montana and North Dakota and natural gas from the Marcellus formation in Pennsylvania, West Virginia and Maryland.

©The Canadian Press

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