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Solimar enters sales agreement for Maricopa property, Kern County California


Published Dec 20, 2012
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Solimar Energy Limited

Solimar Energy provide the following update for the Company's 50% owned Maricopa producing project in the San Joaquin Basin, California.

The Company has entered into an agreement to sell the 120 acre Maricopa property to an undisclosed private buyer for a total purchase price of USD $1,250,000. Solimar's 50% WI proceeds are USD $625,000. The expected closing of the sale is January 31, 2013, pending final due diligence. Solimar is operator of the property with Challenger Energy LLC holding the remaining 50% WI.

The sale of the non-core property fulfills one of the Company's stated goals of freeing up additional capital for key projects, particularly the multi-target Kreyenhagen project where the Company is currently in long term production testing from the shallow Temblor sandstone heavy oil reservoir.

Tags: Solimar Energy Limited



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