Craft Oil ("Craft") is pleased to announce it has entered into a Purchase and Sale Agreement dated September 30, 2016 to sell certain properties located in the Province of Alberta with approximately 1,934 boepd (68% gas) for gross proceeds of $13.5 million. Proceeds to be received are comprised of $9.0 million cash and $4.5 million of tradeable debentures. The transaction is expected to close on or about October 27, 2016.
The transaction has the following benefits to Craft:
Upon closing of the transaction, Craft will have the following characteristics:
The transaction was executed as part of a plan to reduce the number of non-core properties and to focus the Company on its Core area of Grand Prairie, Alberta. Management looks forward to updating its shareholders as it progresses through its business plan.
Source: Craft Oil Ltd
Date: Oct 17, 2016