Scandoil  

Painted Pony closes $100 million disposition of Saskatchewan assets


Published Aug 1, 2014
Painted Pony Petroleum Ltd.-2

Painted Pony Petroleum Ltd. has closed the sale of its southeast Saskatchewan assets (the "Transaction"), which has an effective date of June 1, 2014, for a total cash consideration of $100 million plus interim adjustments.

Painted Pony is now a highly focused Montney natural gas and natural gas liquids producer, concentrating on unlocking the value within its British Columbia Montney properties.

Following the closing of the Transaction on July, 30, 2014, Painted Pony has $53 million of cash and is undrawn on its $150 million credit facility, leaving the Company well-capitalized to execute upon its Montney development plan.

Tags: Painted Pony Petroleum Ltd.




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