36,000 acres of land in the Monias area will be sold immediately for $22 million. Then the company has an option to buy an additional 90,000 acres by March 15, 2013 for an additional $56 million.
Crew Energy says these assets, particularly those in the first transaction, are in a "sweet spot" for wet gas, and will result in "enhanced economies of scale and improved economics". With this acquisition, and the purchase of land in the Kobes area, Crew has increased its Montney land ownership to over 150,000 net acres.
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