Dominion Closes Sale of Canadian E&P Operations
RICHMOND, Va. – Dominion (NYSE: D) today announced it has closed the sale of its Canadian natural gas and oil exploration and production operations. This is one of several closings of previously announced asset sales.
The Canadian operations were sold to Paramount Energy Trust and Baytex Energy Trust, both of Calgary, Canada, for a total of approximately U.S. $624 million based on currency exchange rates as of the close of business June 25, 2007. The operations include approximately 267 billion cubic feet equivalent (Bcfe) of proved natural gas and oil reserves in western Canada as of Dec. 31, 2006, with 2006 average daily production of approximately 60 million cubic feet equivalent (MMcfe).
Scotia Waterous and Juniper Advisory LP were Dominion’s financial advisers and Stikeman Elliott LLP is the company’s legal adviser for the sale.
Dominion is in the process of selling all of its E&P operations except those in the Appalachian Basin as part of its previously announced plan to refocus the company on the power generation and energy distribution, transmission, storage and retail businesses.
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