(KWES) - Apache Corporation announced on Thursday that they will complete an exit from Canada after closing three recent transactions.
According to a release, Apache has agreed to sell its Apache Canada Ltd. subsidiary to Paramount Resources Ltd. This includes properties located principally in the provinces of Alberta and British Columbia. In a separate transaction signed in June, Apache agreed to sell its Provost assets in Alberta to an undisclosed privately-owned company. Also in June, Apache sold its assets at Midale and House Mountain, located in Saskatchewan and Alberta, to Calgary-based Cardinal Energy Ltd.
"Today's announcement is consistent with Apache's objective of streamlining our portfolio and focusing on assets in the United States, United Kingdom North Sea and Egypt. This strategic decision will enhance the company's resource allocation to its primary growth areas, particularly within the Permian Basin," said John J. Christmann IV, Apache's Chief Executive Officer and President.