During the second quarter Fairborne executed and closed on a non-core asset divestiture of 85 barrels per day of oil production in central Saskatchewan for proceeds of $11 million subject to closing adjustments.

On January 31, 2012 Fairborne had entered into an agreement for the sale of its Clive oil interests, subject to the purchaser obtaining the required financing, for proceeds on closing of $37.5 million and with a further $10 million payable upon certain conditions being met with regards to the CO2 project. The Company has been notified that the purchaser of the Clive assets was unsuccessful in obtaining the required financing for the purchase at the current time.

Tags: Fairborne Energy Ltd.