3MV Energy Corp. has entered into an Asset Purchase and Sale Agreement to dispose of assets in south west Saskatchewan. 3MV has agreed to sell a land package with corresponding production, related inventory and equipment within the property (the "Assets").
The purchase price of the Transaction is $4,350,000 less any usual adjustments as set out in the Asset Purchase and Sale Agreement. Closing date of the Transaction is scheduled for August 15, 2014 or other such date agreed upon by vendor and purchaser.
The proceeds of the Transaction will be applied to reduce 3MV's corporate liabilities as well as provide additional funds for future acquisitions. The sale of these assets advances the Company's strategic goal of reducing its debt load and further focuses its development strategy on its Fiske Viking property in west central Saskatchewan.