Chinook Energy Inc. Common CNKEF

RE:RE:PONY: Montney deal for C$45m (Zero production, Zero 2P)

[stockfy]

See the news. CKE initiated a Strategic review process....Great! I expected it! 

stockfy wrote:

Great catch. Zero production and zero reserves! PONY says that this land is located in northeast British Columbia, so it must be close to CKE's Montney acreage. PONY acquired Montney acreage from the Montney deal with UGR about two years ago. UGR's Montney acreage was close to SRX and CKE. Fingers crossed. 

InvestLargeC wrote:

Meanwhile, CKE's Enterprise Value is less than C$15 million with production and reserves.

 

 

Painted Pony Announces Asset Sale

 

T.PONY | October 17, 2019

 

CALGARY, Alberta, Oct. 17, 2019 (GLOBE NEWSWIRE) -- Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce that it has entered into a definitive agreement to sell a 75% working interest in 11,280 gross acres (8,460 net acres) in the north east British Columbia Montney for cash consideration of $45 million. The proposed transaction is expected to close on or about October 31, 2019. The proposed transaction is subject to closing conditions. The acreage outlined in the proposed transaction totals approximately 4% of Painted Pony’s total Montney acreage.

 

Commenting on the proposed transaction, Patrick Ward, President and CEO of Painted Pony said, “We are very pleased with this sale as it will reduce our balance sheet leverage and improve our financial flexibility without any impact on current production volumes or Proved Developed Producing reserves.”