Canadian junior Pengrowth Energy is back at the drawing board to sell its remaining Swan Hills assets in Alberta after a buyer was unable to come up with the money to acquire the properties.

Pengrowth announced in March it would sell the assets to an undisclosed buyer for C$180 million ($134.7 million). According to a report in the Globe and Mail, the buyer is believed to have been Grand Valley Resources. The private startup is funded by the Reignwood Group, which is led by Chinese-Thai businessman Chanchai Ruayrungruang.

The properties generated average daily production of around 4920 barrels of oil equivalent per day during the final quarter of 2016 and had proved plus probable reserves of 31 million boe at 31 December, according to an independent assessment.

Pengrowth will retain that production now, along with an $18 million deposit. The company plans to market the assets again and exit Swan Hills for good.

Ironically, the retention of the Swan Hills assets in the short-term may prove beneficial.

"Looking ahead, despite lower volumes, the retention of the oilier Swan Hills lands supports a stable cash flow outlook," Barclays said in a research note.

The company recently closed on a separate Swan Hills asset package sale. The package went to an unnamed buyer for C$185 million.

Pengrowth also announced it has entered an agreement to sell its Olds/Garrington area assets in central Alberta for C$300 million. The buyer was not named but Pengrowth described it as a "private company owned by a large Canadian life insurance company".

The Olds/Garrington assets are expected to produce an average of of 13,875 boepd in 2017, and had proved plus probable reserves of 78 million boe at the end of 2016, according to an independent assessment. The assets include facilities and gathering systems related to the oil and gas properties being sold.

In light of the transactions, Pengrowth updated its production guidance for 2017 to between 41,500 and 43,500 boepd, down from previous estimates of 43,500 to 45,500 boepd.

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Pengrowth cans Swan Hills deal