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Thursday, August 28, 2014

Crew Energy to sell Alberta assets for $150 million, (TSE: CR.TO)

Oil and gas company Crew Energy Inc said it would sell its liquids-rich assets in Princess, Alberta for $150 million to focus on the development of its core Montney properties in British Columbia. The company said it would use the proceeds to expand its 2014 Montney capital program and repay debt.The company said the assets to be sold consist of current production 3,650 barrels of oil equivalent per day, according to field estimates.It was not immediately clear if the figure was in Canadian or U.S. dollars.

Crew Energy Inc. (Crew) is an oil and gas exploration, development and production company. Shares of CR traded higher by 2.2% or $0.24/share to $11.14. In the past year, the shares have traded as low as $5.34 and as high as $12.74. On average, 957119 shares of CR.TO exchange hands on a given day and today's volume is recorded at 985863.