Suncor Energy Inc. agreed Wednesday to sell light-oil properties near Rimbey, Alta., to a unit of Tamarack Valley Energy Ltd. for $168.5-million.
Calgary-based Suncor said the Cardium-focused assets produced an estimated 1,702 barrels of oil equivalent year-to-date. Suncor said the properties no longer fit the company’s main oil sands business.
The deal is expected to close in the fourth quarter subject to regulatory approval.
Suncor has been selling so-called non-core assets as it focuses on wringing bitumen from Alberta’s oil sands, where the company is building the $13.5-billion Fort Hills mega-mine. Last year it sold its conventional natural gas business to Qatar Petroleum International and Britain’s Centrica PLC in a $1-billion deal.