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Monday, February 7, 2011

Pacific Northern to sell stake in Pacific Trail, (TSE: PNG), (NYSE: APA), (NYSE: EOG)

Canada's Pacific Northern Gas Ltd (PNG.TO) said it has agreed to sell its 50 percent interest in the Pacific Trail Pipelines Ltd partnership to Apache Canada Ltd (APA.N) and EOG Resources Canada Inc (EOG.N) for C$50 million. The company said Apache Canada's ownership of the pipeline will increase to 51 percent from 25.5 percent and EOG Canada's ownership will increase to 49 percent from 24.5 percent as per the deal. EOG and Apache are Pacific Northern's Calgary-based partners in the KSL Pipeline located in British Columbia.

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