Connacher to sell Montana refinery for $120 mln

Canada's Connacher Oil and Gas Ltd is to sell its Montana refinery to U.S.-based Calumet Specialty Products Partners for about $120 million, plus working capital.
The company said it expects working capital adjustment to add about $35 million to $50 million to the value of the deal, which is expected to close in October.
Connacher, which has a debt of close to C$902 million ($909.41 million), h ad initiated a strategic review of its operations in January.
Connacher also said it is selling its conventional oil petroleum and natural gas properties for $18.3 million in cash. This deal is expected to close in September.
Second-quarter loss widened to C$45.1 million, or 10 Canadian cents per share, from C$44.2 million, or 10 Canadian cents per share, a year earlier.
Revenue, net of royalties, fell 11 percent to C$203.8 million on lower oil and gas output.
Connacher's total production fell 16.5 percent to 12,312 barrels of oil equivalent per day, while bitumen output fell 15 percent to 11,651 barrels per day.
Shares of Connacher closed at 43.5 Canadian cents on the Toronto Stock Exchange on Tuesday.
Source: Reuters