Dominion Sells Natural Gas Assets in British Columbia
|Tuesday, January 18, 2005
Dominion has completed the sale of the majority of its natural gas and oil assets in British Columbia. The sale consisted of five separate transactions with total proceeds of C$584 million (US$476 million).
"This is a timely sale because values for Canadian natural gas and oil assets are strong," said Thos. E. Capps, chairman and chief executive officer. "We'll use the proceeds to re-pay debt."
The properties sold produce approximately 30 billion cubic feet net of natural gas annually. The sale assets are primarily those acquired in the 1999 purchase of Remington Energy Ltd.