Petrostar Petroleum (TSX: V.PEP, Stock Forum) Friday said it has executed a Letter of Intent with a private, unnamed oil and gas producer to divest certain oil and gas assets.
Petrostar will receive a nominal sum of $2 million in common equity of the purchasing company.
The assets include all of the company’s interests in the Beaverhill Lake and Joarcam areas of Alberta, and its remaining Bakken interests.
The asset sale is conditional on the purchasing company successfully completing its listing in the public market.