An oil exploration company that had promised to help spur the La Loche economy has been bought by another oil firm.
Oilsands Quest has been bought by Cenovus Energy.
The Alberta Court of Queen’s Bench approved the deal today.
As a result of the purchase, Cenovus acquires three oil sands leases next to some it already has. They include Saskatchewan leases north of La Loche.
Four years ago, Oilsands Quest signed a memo of understanding to work with La Loche to spur its economy.
But Oilsands Quest fell on tough times. It has been selling off assets for about a year, since it went under creditor protection through the Companies Creditors Arrangement Act.