Spyglass Resources has concluded the non-core asset dispositions disclosed on August 12, 2014. Net proceeds of $43 million (after normal closing adjustments) have been received in the third quarter in addition to the second quarter proceeds of $7 million. Dispositions closed to date in the third quarter were reported as assets held for sale at June 30, 2014. The Company's credit facility has been reduced by $10 million to $365 million reflecting the impact of these transactions on the Company's borrowing capacity.
The Board has approved the September cash dividend of $0.015 per share ($0.18 per share annualized) payable on October 15, 2014 to shareholders of record on September 26, 2014. The ex-dividend date will be September 24, 2014.