Connacher to sell Montana refinery, conventional oil and gas assets

August 14, 2012 - 4:24 PM

CALGARY - Connacher Oil and Gas Ltd. has agreed to sell its Montana heavy oil refinery and its conventional oil and gas assets.

The Calgary-based company expects proceeds of between US$155 million and US$170 million from the refinery sale, which is expected to close in October.

The company also has plans to sell all of its conventional oil and gas properties to an unidentified buyer for $18.3 million in cash.

Money from the deals are expected to help Connacher grow production at its Great Divide oilsands property.

Connacher (TSX:CLL) hired Goldman Sachs earlier this year to help it review its strategic alternatives.

Dick Gusella, who opposed demands from some shareholders to sell the company, left his role as CEO in January.

News from © The Canadian Press, 2012

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