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Crew Energy to dispose of Princess, Alberta asset


Published Sep 2, 2014
Crew Energy Inc.-3

Crew Energy Inc. has entered into a purchase and sale agreement to dispose of its Princess, Alberta asset for total cash consideration of $150 million, before customary closing adjustments, allowing the Company to sharpen its focus on the development of its core Montney assets in Northeast British Columbia.

Crew has entered into an agreement to sell its petroleum and natural gas assets in the Princess area of Southeast Alberta (Princess) for total cash consideration of approximately $150 million before customary closing adjustments (the "Princess Disposition").

The Princess Disposition is scheduled to close on or about September 30, 2014 with an effective date of August 1, 2014, subject to satisfaction of customary industry closing conditions. The proceeds from the Princess Disposition will be used to expand Crew's 2014 Montney capital program by $20 million, and repay bank debt.

Tags: Crew Energy Inc.




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