US-focused oil and gas producer Target Energy Limited says that as previously advised, the sale of a 10% Working Interest in the Fairway Project to Aurora Energy Partners (Aurora), a Texas general partnership in which Victory Energy Corporation owns a 50% interest and serves as managing partner, was to have been completed on 10 September 2014.

Aurora failed to make the requisite payment for the Second Closing by the agreed 10 September 2014 date. Subsequent efforts to address the matter did not yield a successful resolution and following Target's advice to Aurora that if the closing was not completed in a timely manner, it intended to withdraw the Second Closing assets from sale, Target has been advised by Aurora that it considers the PSA terminated as to the Second Closing assets.

Tags: Target Energy