Paramount to sell Deep Basin assets to Seven Generations: Reuters
Canadian oil producer Paramount Resources Ltd agreed to sell some of its Deep Basin oil and gas properties in Alberta to Seven Generations Energy Ltd for about $1.9 billion, Reuters reported. The divestiture is the latest example of struggling oil and gas producers selling off assets in a bid to survive the global crude price rout. Upon deal closure, Paramount will own a stake of about 10 percent in the Calgary natural gas developer, making it the second-largest shareholder after the Canada Pension Plan Investment Board.
7 July 2016•2 mins read
