Oil and gas explorer Fairborne Energy Ltd said it will sell some of its assets in the Canadian province of north and west central Alberta to Deethree Exploration Ltd for C$125 million to reduce debt. The properties, based in the Peace River Arch and Brazeau area of Alberta, currently produce about 1,830 barrels of oil equivalent per day, with natural gas comprising about 60 percent of this output. The sale will likely reduce debt by 38 percent, Fairborne said in a statement. As of Sept. 30, Fairborne's debt was about C$194 million.
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