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Terra Energy closes minor non-core asset sales


Published Feb 9, 2016
Terra Energy Corp.

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.

Tags: Terra Energy Corp.




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