Anderson Energy Ltd. has closed the previously disclosed sale of its Garrington and Ferrier Cardium oil and natural gas properties. Proceeds from this transaction were used to repay bank debt. After normal closing adjustments and transaction fees, net proceeds were approximately $78 million and current cash deposits are approximately $24 million.
With this sale, the Company's existing bank agreement will be terminated. The Company has agreed to the terms of a new bank facility of $28 million, subject to customary conditions and documentation.