Avatar Energy Ltd. has closed the sale of certain non-core assets in the Pembina area to an industry participant for gross proceeds of $750,000, subject to post-closing adjustments. These non-core assets are not relevant to our area of focus or our acreage position in the Pembina Field. Proceeds from this transaction will be used to further reduce our credit facility.
Key Transaction Metrics:
• 7 BOE/day of Avatar's Cardium light oil production
• 1,848 net acres of land
• Approximately $107,000 per BOE/day
• 7 % of Avatar's December 2011 production