KNOC says to buy Hunt Oil’s Canada assets for $522 mln

SEOUL, Dec 15 (BestGrowthStock) – Korea National Oil Corp (KNOC)
[KOILC.UL] has signed a C$525 million ($522.4 million) contract
to buy oil and gas assets in Canada from Hunt Oil Co, state-run
KNOC said on Wednesday.

Harvest Operations Corp, which KNOC acquired in 2009, had
agreed to purchase 100 percent of the oil, gas and shale gas
assets of Hunt Oil and Hunt Oil Alberta, KNOC said in a
statement.

Total proven and probable reserves of the assets were
estimated at 51 million barrels of oil equivalent, the statement
said. It added that the acquisition was expected to be completed
by the end of January 2011, pending Canadian government approval.

KNOC said in an interview with Reuters last Friday that it
planned to spend between $2 billion and $3 billion to add 100,000
barrels per day (bpd) of crude production capacity by 2012, and
was looking at 5-6 oil assets. [ID:nTOE6B906S]
($1=1.005 Canadian Dollar)
(Reporting by Cho Mee-young; Editing by Chris Lewis)

KNOC says to buy Hunt Oil’s Canada assets for $522 mln