Crew Energy to sell Alberta assets for C$150M

Crew Energy (OTCPK:CWEGF) says it will sell its liquids-rich assets in Princess, Alberta for C$150M to focus on the development of its core Montney properties in British Columbia.

The assets to be sold produce 3,650 boe/day, causing the company to lower its 2014 production outlook to 24.5K-25.5K boe/day from 25.5K-26.5K.

Crew, which bought liquids-rich natural gas assets in Montney for ~C$105M earlier this year, says it is raising its 2014 Montney capex program by C$20M.

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