For cash proceeds of $288.5 million, Placer Dome (TSE) has completed the sale of its Canadian oil and gas operations to Calgary-based Opus Acquisition. The sale, which will have a substantial impact on Placer Dome’s third-quarter earnings, represents the final step in the company’s strategy to rid itself of all of its oil and gas businesses. In the first half of 1990, Placer sold its U.S. oil and gas holdings for $59.9 million.
The purchase price is $16.5 million lower than the figure released earlier this year because the working capital in Placer’s oil and gas subsidiary was included in the purchase.
Opus Acquisition is jointly owned by Poco Petroleums and Amerada Minerals of Canada, a subsidiary of Amerada Hess of New York. Poco’s share of the assets includes 35 billion cu. ft. of natural gas, 2.7 million barrels of crude oil and natural gas liquids.
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