Rubellite Energy shares rose Tuesday morning after it said it is selling its 50% stake in the East Edson natural gas assets in West Central Alberta its to the third-party operator for 67 million Canadian dollars ($48.5 million).

Shares rose 7.6% to C$4.53.

The Canadian energy company said total consideration for its nonoperated working interest will be paid by the purchaser in about 2.1 million common shares of Topaz Energy, another Canadian energy company.

Chief Executive Sue Riddell Rose said the sale transitions Rubellite back to a pure-play heavy-oil company focused on the development of its Clearwater and Mannville stack assets. She added that the disposition also strengthens the company's balance sheet and provides greater financial flexibility to accelerate its organic growth plans, among other initiatives.

"The Topaz shares received as consideration provide immediate, highly liquid value along with meaningful dividend income, while preserving exposure for our shareholders to a natural gas price recovery," Riddell Rose said.

Earlier Tuesday, another company with a stake in Topaz, Tourmaline Oil, said it reduced its minority stake in Topaz to fund two acquisitions in Western Canada. Tourmaline sold shares representing about 2% of Topaz's total outstanding shares, but still maintains a roughly 12.9% position.