Vero To Sell Alberta Gas Assets For $207M

Law360, New York (January 3, 2012, 6:29 PM EST) -- Energy exploration, development and production company Vero Energy Inc. said Tuesday it had agreed to sell natural gas assets in west-central Alberta to an unnamed private equity-backed buyer for CA$209 million (US$206.7 million) in order to pay down debt and focus on Cardium formation operations.

Vero will sell its deep-basin natural gas assets in the region, holding onto its stake in the shallower Cardium play — a layer of sandstone and shale with significant natural gas reserves, the company said in a statement Tuesday.

While Vero...
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