PETROBAKKEN ANNOUNCES CLOSING OF THE SALE OF NON-CORE SOUTHEAST SASKATCHEWAN BAKKEN ASSETS FOR $427 MILLION

abarrelfullabarrelfull wrote on 19 Mar 2012 11:04
Tags: bakken canada deals petrobakken


PetroBakken Energy Ltd. (the “Company” or “PetroBakken”) (TSX:PBN) is pleased to announce the closing of our previously announced sale of certain non-core southeast Saskatchewan assets (the “Non-Core Assets”), for gross cash proceeds of $427 million. The Non-Core Assets were outside the key focus area of our Bakken business unit as they were largely nonoperated and generally had lower average working interest than our remaining lands. Following the closing of this transaction, we will have approximately $1.1 billion of available liquidity from diversified sources of credit that have a layered maturity profile that compliments the long term nature of our light oil focused assets.

TD Securities Inc. acted as financial advisor to PetroBakken on the transaction. The Transaction will have an effective date of January 1, 2012

SASKATCHEWAN BAKKEN ASSETS FOR $427 MILLION]


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