GREY:PENFF - Post by User
Post by
wintersun10on Aug 14, 2012 2:07pm
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Post# 20216189
Sale of Daly Field
Sale of Daly Field
Pennant Energy completes Daly asset sale
2012-08-14 13:46 ET - News Release
Mr. Thomas Yingling reports
PENNANT ANNOUNCES SUCCESFUL DISPOSITION of DALY FIELD, MANITOBA INTERESTS
Pennant Energy Inc. has completed an assignment and conveyance agreement with Tundra Oil & Gas Partnership for the sale of all of its assets in the Daly field in Manitoba for a cash consideration of $380,000. The company assets included a 15-per-cent working interest in five producing oil wells and various interests in four shut-in oil wells. The company's recent working-interest share of production from the Daly interests averaged approximately two to three barrels of oil per day. The proceeds from sale of the assets will be applied to its continuing development of the project at the Bigstone field in Alberta, as well as evaluating additional oil properties. The settlement date of the Daly asset disposition is May 1, 2012.
We seek Safe Harbor.