August 28, 2014 / 12:41 PM / in 4 years

Crew Energy to sell Alberta assets for C$150 million

(Reuters) - Canadian oil and gas company Crew Energy Inc (CR.TO) said it would sell its liquids-rich assets in Princess, Alberta for C$150 million to focus on the development of its core Montney properties in British Columbia.

The assets to be sold currently produce 3,650 barrels of oil equivalent per day (boe/d), the company said, citing field estimates.

Crew Energy, which bought liquids-rich natural gas assets in Montney for about C$105 million ($96.74 million) this year, said it would raise its 2014 Montney capital program by C$20 million.

The company sold its natural gas assets in Alberta to Long Run Exploration Ltd LRE.TO for about C$225 million in April.

Crew Energy cut its 2014 average production forecast to 24,500-25,500 boe/d after the deal from 25,500-26,500 boe/d.

The Calgary-based company said it expects the deal to close by Sept. 30.

    (This story corrects headline to show currency of reporting is Canadian dollar, not U.S. dollar)

    Reporting by Anannya Pramanick in Bangalore; Editing by Saumyadeb Chakrabarty

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