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Chinook Energy completes disposition of its Tunisian assets


Published Aug 21, 2014
Chinook Energy

Chinook Energy’s wholly-owned subsidiary, Storm Ventures International (BVI) Limited (Storm BVI), has completed the previously announced disposition, effective January 1, 2014, of all of the issued and outstanding shares of Storm Ventures International (Barbados) Limited, which directly and indirectly owns all of Chinook's Tunisian assets for gross proceeds of US$127.7 million (including positive working capital of approximately US$13.7 million) (the "Transaction") to Medco Tunisia Petroleum Limited.

As a pure domestic focused company with no debt, positive working capital and a recently expanded credit facility of $125 million, Chinook is well positioned to accelerate the development of its recently announced Montney successes at Birley/Umbach where the Company holds 54 (45 net) sections of land, and at Grande Prairie where the Company holds 80 (50 net) sections of land.

Tags: Chinook Energy




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