PGF sells at $3,900/acre (Zero Prod, 2P) vs CKE at $900/acre PGF announced today the final sale of its non-producing Montney lands at Bernadet in North East British Columbia for cash consideration of $92 million, which is $3,900 per Montney acre:
"CALGARY, ALBERTA--(Marketwired - March 23, 2017) - Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) today announced that it has entered into an agreement for the sale of its non-producing Montney lands at Bernadet in North East British Columbia for cash consideration of $92 million.
The Bernadet asset encompasses 36.6 sections (100 percent working interest) of land with no associated production, cash flow and neither reserves or resources assigned to it in Pengrowth's December 31, 2016 year-end reserve report."
Including the newly-acquired contiguous Montney acreage of 11,500 net acres in Martin Creek, 2 miles north of Birley/Umbach in North East British Columbia, the NEW CKE has almost 60,000 net Montney acres and trades at just $900 per Montney acre because its Enterprise Value now at 37 cents is just $55 million.
Slide 9 in the new presentation with the newly-acquired contiguous Montney acreage of 11,500 net acres in Martin Creek: