Trafina Announces Sale of Southwest Saskatchewan Assets for $1.35 Million
CALGARY, ALBERTA--(Marketwire - May 16, 2012) -
Trafina Energy Ltd. ("Trafina" or the "Company") (TSX VENTURE:TFA.A) is pleased to announce that it has entered into a definitive purchase and sale agreement (the "PSA") along with its joint interest partner in the Rangeview and Divide properties located in southwest Saskatchewan (the "Properties") to sell their entire working interest to an arm's-length third party for gross proceeds of $1.5 million. At closing Trafina's share of the proceeds will amount to $1.35 million, which represents its 90 percent undivided working interest in the Properties. Pursuant to the PSA the purchaser has paid non-refundable deposits totaling $100,000 to the Company and its joint interest partner. Closing of the sale of the Properties is expected to occur on May 31, 2012 and is subject to a number of conditions including, but not limited to, approval of the TSX Venture Exchange. The Company's share of proceeds from the sale will be used to reduce outstanding debt.
About Trafina
Trafina is a junior oil and gas company based in Calgary, Alberta. The Company's main areas of interest are in the McMullen area of Alberta with other operated and non-operated production in Wetaskiwin. Trafina's shares trade on the TSX Venture Exchange under the stock symbol TFA.A and warrants trade under the stock symbol TFA.WT.A.