AEC closes Ballard Petroleum acquisition
AEC Oil & Gas (USA) Inc., a subsidiary of Alberta Energy Co. Ltd., closed its previously announced $225 million
A disposition of certain Ballard non-core oil properties for about $29 million occurred prior to closing of the acquisition.
AEC said it was looking to establish additional growth platforms through new ventures exploration in Alaska, the Mackenzie River Delta, Australia, Congo and Azerbaijan.
Midstream natural gas storage and oil pipelines assets comprise about 20 percent of the company's assets base and provide a growing source of cash flow.
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