Nov 9 (Reuters) - Canadian oil and gas producer Cenovus Energy Inc CVE.TO said on Monday it will sell its Marten Hills oil assets in northern Alberta to Headwater Exploration Inc HWX.TO for C$100 million ($77.16 million).
The deal comes days after Cenovus agreed to buy rival Husky Energy HSE.TO to create Canada's No. 3 oil and gas producer, as a pandemic-driven collapse in demand forces the industry to cut costs and seek consolidation to weather the downturn. consideration paid to Cenovus includes C$35 million in cash, 50 million common shares of Headwater and 15 million share purchase warrants. will own about 26% of Headwater shares, upon closing of the deal, which is expected to happen around Dec. 22.
($1 = 1.2960 Canadian dollars)