Goldman Sachs Starts Cenovus Energy Inc. (CVE) at Sell

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Cenovus Energy (CVE) to Sell Heritage Royalty LP in $3.3B Deal

June 30, 2015 6:14 AM EDT

Cenovus Energy (NYSE: CVE) has reached an agreement to sell Heritage Royalty Limited Partnership (HRP), a wholly-owned subsidiary, to Ontario Teachers' Pension Plan (Teachers') for gross cash proceeds of approximately $3.3 billion. HRP holds approximately 4.8 million gross acres of royalty interest and mineral fee title lands in Alberta, Saskatchewan and Manitoba. In the first quarter of 2015, HRP had associated third-party royalty interest volumes of approximately 7,800 barrels of oil equivalent per day (BOE/d). Additional royalties have also been added to HRP a royalty on Cenovus's working interest production with implied first quarter volumes of... More