FORT ST. JOHN, B.C. — Advantage Energy purchased assets in Montney for $10 million from Calima Energy last week.
The assets include 33,643 acres of Montney licenses, acreage, and the Tommy Lakes facilities.
Calima Energy said the gas price in northeastern B.C. reduces the financing and equity opportunities for the assets near Montney.
The company estimated the cost of a work program to generate acceptable returns from the assets to be between $50 to $100 million, which led to the sale.