Delphi Energy Corp. has closed the previously announced disposition of its working interests in producing properties, facilities and infrastructure and undeveloped land in the greater Wapiti area for $50.0 million, after closing adjustments.
The Company's growth over the past three years has been achieved through successful drilling and completions on its Bigstone Montney assets which continue to generate positive economic returns in the current commodity price environment.
The disposition of the greater Wapiti assets is a key part of this strategy providing greater focus, efficiencies and capital for the continued development of the Montney assets. The total disposition proceeds realized since 2011 total $104.6 million. The Bigstone Montney asset now represents approximately 75 percent of Delphi's production up from less than ten percent just three years ago.