Painted Pony Petroleum Ltd. has entered into a definitive purchase and sale agreement to sell all of the Company's exploration and production assets in Saskatchewan. The Assets and Transaction include:
fully-funded cash purchase price of $100 million, before customary closing adjustments, with an effective date of June 1, 2014 and an expected closing date on or before July 30, 2014;
field estimated production volumes of 980 barrels of oil equivalent per day (boe/d) in the second quarter of 2014 (96% oil and natural gas liquids);
proved plus probable ("P+P") reserves of 5.3 million boe (MMboe) as determined by Sproule Associates Limited, effective December 31, 2013;
approximately 34,600 net acres of undeveloped land at June 30, 2014;
$102,000 per boe/d, based on second quarter of 2014 field estimated production volumes.