PetroBakken announces sale of non-core Southeast Saskatchewan assets
- Assets include 580 boepd of production.
PetroBakken Energy Ltd., is pleased to announce that we have entered into an agreement to sell our entire working interest in the southeast Saskatchewan Weyburn unit (approximately a 2.2% interest) for gross proceeds of $105 million, subject to adjustments. The Assets include 580 boepd of production (based on field estimates from December 2011). The transaction will have an effective date of January 1, 2012 and, subject to satisfaction of all conditions and receipt of required regulatory approvals, is expected to close by the end of February 2012. Approximate transaction metrics in respect of this sale of these non-core Assets are $180,000 per flowing boe (based on field estimated December 2011 average production), 9 times 12 month trailing cash flow (October 2010 to October 2011) and $23 per boe of gross proved plus probable reserves.
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