Pension

The Ontario Teachers Pension Plan has agreed to pay Cenovus Energy Inc. C$3.3 billion to buy a portfolio of oil and natural gas royalty lands in Western Canada.

The Ontario Teachers Pension Plan has agreed to pay Cenovus Energy Inc. C$3.3 billion to buy a portfolio of oil and natural gas royalty lands in Western Canada.

Appalachian production for the exploration and production (E&P) arm of National Fuel Gas Co. escalated in the last quarter of 2010 at a triple-digit pace year/year, jumping 184% to 8.1 Bcfe, with most of the gains — 5.9 Bcfe — from the Marcellus Shale, executives said Friday.

Enerplus Resources Fund, headquartered in Vancouver, paid C$104million for 100% of the outstanding shares of an undisclosedprivate Canadian pension resource corporation that owns producingoil and natural gas properties in Western Canada. The propertiesproduced approximately 2,650 boe/d in a three-month period endingSept. 30. The production included 1,740 bbl/d of crude oil andnatural gas liquids and 9,100 Mcf/d. Average third quarterproduction represents a 22% increase over Enerplus’ third quarteraverage of 12,014 boe/d. Total established reserves are 12,248 Mbblof crude oil and natural gas liquids and 70.7 Bcf, for a total of19,312 Mboe. The deal was funded through a combination of cash fromexisting credit facilities and the assumption of debt, whichtotaled 75% of the purchase price. The rest was financed withEnerplus Trust Units.