Proceeds from the transaction will be applied to Provident Energy’s revolving term credit facility. The divestiture of the west central Alberta assets is part of an asset rationalization initiative.
The west central Alberta operating area produces approximately 5,000 barrels of oil equivalent per day (boed) and comprised of approximately 70% natural gas and 30% liquids. Total proved reserves were 10.5 million barrels of oil equivalent (mmboe) on September 30, 2009, while proved plus probable (P+P) reserves were approximately 14.6mmboe.
Provident Energy is a Calgary-based open-ended energy income trust that owns and manages a natural gas liquids (NGL) midstream services and marketing business, and an oil and gas production business.
