OilVoice - Antares Completes Sale Of Oklahoma Assets

Antares Completes Sale Of Oklahoma Assets

Wednesday, December 19, 2007

Antares Energy announces that the sale of its Anadarko basin assets to Exoma Energy Limited for a total sale price of USD 4,350,000 settled this week with the receipt of the balance of USD 3,900,000. Antares had previously received a deposit of USD 450,000. The effective date of the sale is 1 December 2007, after which time all production belongs to Exoma Energy.

Background

In July 2007 Antares signed a Purchase and Sale Agreement with Exoma Energy for the sale of Antares’ leases and producing wells in the Anadarko basin. The properties and wells comprised the South Goodwin project and were located in Ellis County, Oklahoma and Lipscomb County, Texas. Three sections in Beaver County, Oklahoma were also included in the sale.