The Successful Investor Hotline – Friday, June 14, 2013

Article Excerpt

CENOVUS ENERGY INC., $29.59, Toronto symbol CVE, is selling its Shaunavon shale oil property in Saskatchewan. This field produces 3,600 barrels a day, or about 2% of Cenovus’s total oil production. The company will receive $240 million when the deal closes in July 2013. That’s equal to 61% of the $391 million, or $0.52 a share, that Cenovus earned in the three months ended March 31, 2013. The sale is part of Cenovus’s plan to sell some of its less-important operations. The company also expects to sell its Bakken shale oil property in Saskatchewan in the next few months. It will probably use the cash from these deals to expand its main oil sands operations in Alberta. Cenovus is a buy. Please make sure you are logged in to your account to access these articles. Click here if you’ve lost your password. Cenovus was recently covered in the June 2013 issue of The Successful Investor. Click here to access it. Cenovus was recently covered in the…