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Shoreline Energy to sell its certain interests for $20.8 million


Published Aug 4, 2014
Shoreline Energy Corporation

Shoreline Energy Corp. has entered into a purchase and sale agreement (the "Agreement") to sell its interests in certain petroleum and natural gas properties (excluding royalty interests), wells and infrastructure located within the Valhalla and Progress Property boundaries in the Greater Peace River Arch area and associated Valhalla and Progress petroleum and natural gas assets to a qualified buyer (the "Transaction") for total proceeds of $20.8 million (before customary closing adjustments). The Agreement contains customary closing conditions and the Transaction is expected to close in mid-August, 2014.

The Transaction crystallizes value for the Corporation's stakeholders and provides an immediate improvement to Shoreline's balance sheet, as the proceeds from the asset sale will be used to reduce total corporate indebtedness.

Tags: Shoreline Energy Corporation




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