Cardinal Energy Ltd. has closed the previously announced light oil acquisition (the "Acquisition") in the greater Mitsue area of Alberta for a total purchase price of approximately $142.5 million.
The Company is also pleased to announce that it has entered into an agreement to sell a gas plant and associated infrastructure to a third party for estimated net proceeds to Cardinal of $12.8 million. The sale is expected to close in mid-November.
The acquired assets are currently producing approximately 3,300 boe/d. With the close of the Acquisition, Cardinal will be producing approximately 14,500 boe/d.