Strathcona Resources rises on Montney asset sale for C$2.84 billion

Shares of Canadian oil and gas producer Strathcona Resources SCR.TO rise 10.3% to C$29.92

Co on Wednesday said it had sold all its Montney assets for about C$2.84 billion and acquired Hardisty Rail Terminal as part of its "core area consolidation" strategy

Said it sold Kakwa asset to ARC Resources ARX.TO for around C$1.7 billion, its Grade Prairie asset for around C$850 million and its Groundbirch asset to Tourmaline Oil TOU.TO for C$291.5 million

SCR expects to close Kakwa and Grande Prairie asset sales in early part of Q3 and Groundbirch sale in Q2

Co expects to produce 180 million barrels of oil equivalent/day in Q2

Including session's moves, stock down 5.7% YTD