Suncor Energy To Sell Non-Core Rosevear and Pine Creek Assets

Calgary, Alberta-based Suncor Energy has reached an agreement to sell certain natural gas properties for about $235 million (Canadian dollars), with an effective date of Jan. 1, 2010.

The current production on these lands is approximately 20.5 mmcf/d of gas and 540 barrels per day of liquids. The sale includes properties known as Rosevear and Pine Creek, which are located in the Edson/Whitecourt area, about 200 km west of Edmonton.

The sale is expected to close in the middle of the second quarter and is subject to closing conditions and regulatory approvals typical of transactions of this nature.

As part of its strategic business alignment, Suncor plans to divest a number of non-core assets. The proposed divestments include certain natural gas assets in western Canada and the U.S. Rockies, all Trinidad and Tobago assets and certain non-core North Sea assets, including all assets in The Netherlands.

To date, including the sale announced today, Suncor has reached agreements to dispose of assets for aggregate consideration of approximately $1.54 billion.






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