Enerplus has closed the previously announced sale of our % working interest in the Kirby oil sands lease for proceeds of $ million. Enerplus Resources Fund of Calgary has sold its Kirby oilsands leases for $ million and is spending. Canadian Acquirer-Enerplus Resources Fund has sold its Kirby oil sands lease for $ million and says it has invested $ billion in light oil.

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Enerplus said that after klrby strategic review of the asset, the company will sell the enerpus in Joslyn, a development controlled and operated by French oil and gas giant Total SA. This was done because of changes in the taxation rules for income trusts.

I also accept and agree to be bound by Postmedia’s Terms and Conditions with respect to my use of the Site and I have read and understand Postmedia’s Privacy Statement. To order copies of Toronto Star articles, please go to: Enerplus will become the managing partner and the operator of the Kirby project, which operates in the Athabasca oilsands region of Alberta.

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By clicking “Create Account”, I hearby grant permission to Postmedia to use my account information to create my account. The Enerplus announcement reflects a trend for energy trusts to move from conventional plays into the larger, less risky oil sands, analyst William Lacey, with FirstEnergy Capital said. Two dead, nearly 30 wounded in explosion at shopping mall in Philippines. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, and please keep your comments relevant and respectful.

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Enerplus confirms sale of stake in Joslyn – The Globe and Mail

All comments will be reviewed by one or more moderators before being posted to the site. The company holds oil and natural gas property interest in the United States and in western Canada, in the provinces of Alberta, British Columbia and Saskatchewan. Such a sale would allow Enerplus to focus on its wholly owned Kirby steam-assisted gravity drainage SAGD project and other potential developments, Enerplus said in its earnings release.

It was originally called Enerplus Resources Fundand it was Canada’s first income trust. We hope to have this fixed soon. The subject who is truly loyal to the Chief Magistrate will neither advise nor submit to arbitrary measures. Marcel Tremblay John Brussa. Read kiryb community guidelines here. Retrieved from ” https: This should only take a few moments. Enerplus said the acquisition “will add significant long-term value for our unitholders.

Log in Subscribe to comment Why do I need to subscribe? Follow the instructions to update your password. Sign In Create Account. Production at Joslyn should reach 10, barrels per day by while work is under way to prepare for surface mining to boost output significantly over the next decade. The Joslyn project, in which Enerplus acquired its minority stake incould produce up to two billion barrels of bitumen over its planned 30 years of operation. Sorry, we could not verify your email address.

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Kirby’s oilsands leases cover a block of 17, hectares in a “highly prospective” area in the heart of the Athabasca oilsands. Visit our FAQ page for more information.

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Please confirm your details below. Enter your email address below 2. Total Canada would seem a likely buyer for Enerplus’s stake, especially if the French oil company wants to expand its share of production of the oil sands project to feed future refining operations to give the company more value-added oil products to sell. By using this site, you agree to the Terms of Use and Privacy Policy. This copy is for your personal non-commercial use only.

Enerplus Sells Kirby Oil Sands Lease for $405MM

Calgary, AlbertaCanada. Analysts were scrambling to find ownership details on Kirby; the deal was seen by some as slightly under past in-situ transactions. This was the largest American acquisition by a Canadian oil and gas income trust to that time.

It has three main enerp,us of operation:.

Enerplus to buy 90% stake in Kirby Oil Sands

Wait for the instructions to arrive in your inbox 3. The deal is expected to close on or about April If you would like to write a letter kirbh the editor, please forward it to letters globeandmail. It was Canada’s first income trust. Canada’s first royalty trust, Enerplus already has a 16 per cent interest in the Joslyn oil sands lease.

If you want to write a letter to the editor, please forward to letters globeandmail. Close is a division of Postmedia inc.