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Tuesday, January 11, 2011

Nabors: Canadian gas asset sales unlikely in 2011, (NYSE: NBR)

Nabors Industries Ltd (NBR.N), the world's largest land-drilling rig contractor, no longer expects to sell its natural gas assets in British Columbia this year because of weak natural gas prices. According to slides for a presentation to investors on Tuesday, Nabors said the weak natural gas environment made a 2011 sale of 34,000 acres and associated pipeline in Horn River "unlikely," following its already-delayed initial public offering for gas-producing joint venture NFR Energy. [ID:nN27200870] Those two sales, along with oil-heavy interests in Colombia that are on track to sell early this year, were part of an asset disposal program expected to raise about $2 billion. (Reporting by Braden Reddall; editing by Andre Grenon)