Cenovus sells marten hills royalty interest for more than $100 million

Calgary, alberta, may 18, 2021 (globe newswire) -- cenovus energy inc. (tsx: cve) (nyse: cve) has sold its gross overriding royalty (gorr) in the marten hills area of alberta to topaz energy corp. for gross cash proceeds of $102 million. the sale successfully closed today with a may 1, 2021 effective date. cenovus will use the sale proceeds to reduce net debt, consistent with its commitment to use non-core asset sales to accelerate deleveraging to achieve the company's interim net debt target of $10 billion.
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