By OGJ editors
HOUSTON, May 26 -- Acclaim Energy Trust and Enerplus Resources Fund, both Calgar-based trusts, agreed to buy 13 producing fields in western Canada from ChevronTexaco Corp. for a total of about $800 million.
ChevronTexaco's North America Exploration and Production Co. expects the sale to close by the third quarter. The transaction includes oil and gas producing properties in the Northwest Territories, British Columbia, Alberta, and Manitoba.
"These assets have played a significant role in our history in Canada for the past 65 years," said Alex Archila, president of Chevron Canada Resources. "While they have been a profitable part of our portfolio for many years, the combination of current market conditions and the size of the assets relative to our portfolio makes this an ideal time for a divestiture."
The company's ongoing portfolio optimization program does not affect the Athabasca oil sands project, Mackenzie Delta gas, and ChevronTexaco's Canadian east coast exploration, development and production activities.
