EOG Resources, Inc. EOG, (EOG)
through its Canadian subsidiary, EOG Resources Canada Inc. (EOG Canada), today
announced the signing of a purchase and sale agreement for its interest in the
Kitimat LNG facility to Chevron Canada Limited. The transaction, subject to
approval by Canadian regulatory authorities, is expected to close by the end
of the first quarter 2013. The agreement includes EOG Canada's 30 percent
interest in the planned natural gas liquefaction and export facility on
British Columbia's west coast and associated Pacific Trail Pipelines project,
as well as approximately 28,500 undeveloped net acres in the Horn River Basin.
"While we still believe in the viability of the Kitimat project, our decision
to exit is consistent with EOG's focus on domestic onshore crude oil
production, which is generating more immediate reinvestment opportunities,"
said Mark G. Papa, Chairman and Chief Executive Officer.
Further details with respect to the terms of the sale are not being disclosed
by the parties. RBC Capital Markets acted as financial advisor for Apache
Corporation, Encana Corporation and EOG Resources in regards to the Horn River
acreage aspect of this transaction.
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