Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/terra-energy-closes-minor-non-core-asset-sales.shtmlTerra Energy closes minor non-core asset sales
Terra Energy Corp. has closed the sale of certain of the Company's minor non-core, P&NG assets in the Mica/Parkland area of the Province of British Columbia for approximately $1.0 million.
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Terra Energy Corp. has closed the sale of certain of the Company's minor non-core, P&NG assets in the Mica/Parkland area of the Province of British Columbia for approximately $1.0 million.
Net proceeds received from the sale transactions were used to reduce the Company's bank indebtedness. The Company's credit facility has correspondingly been reduced by $1.0 million to a $14.7 million revolving loan, and a $500,000 remaining development line and is subject to annual and mid-term review. The facility is payable on demand with the next annual review scheduled for May 1, 2016.
