Terra Energy Corp. has entered into a Purchase and Sale Agreement with an industry partner for the sale by the Company of certain non-core, P&NG assets in the Boundary Lake and Worsley areas of the Province of Alberta.
The purchase price for the assets is $10.615 million and is scheduled to close September 28th, 2015.
Current production associated with the assets being sold is approximately 500 boe/day (comprised of 38% oil/liquids and 62% gas), and Total Proved plus Probable reserves assigned by GLJ Petroleum Consultants Ltd. as at December 31, 2014 was approximately 1,245 mboe.
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Terra Energy Corp.
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