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Enerplus gets more than expected for Joslyn oil sands stake
Posted on June 25, 2008
Enerplus Resources Fund will receive $500-million from Occidental Petroleum Corp. for its 15% interest in the Joslyn oil sands project. The proceeds will initally be alloted to reducing the company s bank debt, but may eventually be used for acquisitions or development opportunities, according to Canaccord Adams analyst Kyle Preston, who noted that the trust announced plans to sell the stake on March 25. The deal is expected to close by the end of the third quarter.Mr. Preston thinks Enerplus received fair value in the deal, maintaining his buy rating on the units and raising his price...
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