GREY:HPXRF - Post by User
Post by
zendaon Jan 30, 2014 4:45am
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Post# 22151532
agreement to divest 100 boe/d of non-core, gas weighted prod
agreement to divest 100 boe/d of non-core, gas weighted prodCALGARY, ALBERTA--(Marketwired - Jan. 29, 2014) - Hyperion Exploration Corp. ("Hyperion" or the "Corporation") (TSX VENTURE:HYX) announces that it has entered into a definitive purchase and sale agreement to divest 100 boe/d of non-core, gas weighted production in the Chip Lake Area of Central Alberta for cash consideration of $3.4 million (the "Disposition"). The Disposition is expected to close on January 31, 2014. Proceeds from the sale of the Chip Lake assets will be used to reduce Hyperion's bank debt.
Divestiture Highlights
Total consideration of $3.4 million cash, net of adjustments;
Effective date of October 1, 2013;
Net production as of January 2014 of 100 boe/d (70% gas, 12% NGL and 18% oil);
Reserves as independently evaluated by McDaniel and Associates Consultants Ltd. effective December 31, 2012 of:
Proved Developed Producing Reserves of 225.55 mboe;
Total Proved Reserves of 225.55 mboe; and
Total Proved plus Probable Reserves of 300.87 mboe
Q3, 2013 cash flow of $0.205 million;
Q3, 2013 operating cost of $16.28/boe;
No Proven Undeveloped or Proved plus Probable Undeveloped locations assigned;
Sold for attractive metrics considering gas weighting; and
Accretive to Hyperion's cash flow and operating cost per boe.