2010-06-30-2010-06-23

Acquisition includes liquids-rich interests, Bearberry & Ricinus assets and production of 6,100 BOE/D in western Alberta.

Taqa North Ltd., a subsidiary of UAE-based Abu Dhabi National Energy Co. PJSC, or Taqa, will purchase certain noncore gas properties from Canadian E&P company Suncor Energy Inc., Calgary, (NYSE, Toronto: SU) for C$285 million.

The acquisition includes the Bearberry and Ricinus assets in western central Alberta, and production of approximately 6,100 barrels of oil equivalent per day. The liquids-rich interests are near Taqa's existing core area in western central Alberta.

Taqa North Managing director Frederic Lesage says, "The acquisition will enhance Taqa North's footprint in west central Alberta and realize synergies amongst our Caroline and Sundre properties. These assets have significant upside and will add to our current drilling locations in the area, while also adding production and reserves, and lowering our operating costs."

Taqa (parent) chief executive Abdulla Al Nuiami adds, "The opportunity to acquire assets that we know deeply is an exciting one. We will consolidate our position in west central Alberta, growing organically and returning value to our shareholders through increased efficiencies and productivity."

Suncor is continuing to divest certain noncore assets and has so far reached agreements totaling approximately $2.4 billion. Announced sales include oil and gas interests in the Rockies, in Western Canada, in The Netherlands and in Trinidad and Tobago.

The deal is expected to close during third-quarter 2010.

Suncor primarily focuses on developing the Athabasca oil sands in Canada. Dana Petroleum primarily holds offshore interests in the U.K. and Norwegian sectors of the North Sea and onshore interests in Egypt.