Transerv, through its Canadian subsidiary Carnaby Energy, has sold some of its lands in British Columbia ('BC'). Transerv owns 64.7% of Carnaby Energy.
Carnaby has completed a sale with a Montney focused Canadian Company, who will buy Carnaby's Montney interests (previously called Tower, Two Rivers and Alces) and its producing assets. Carnaby will receive sale proceeds of C$15 million, half in cash and half in common shares of the entity. The Purchaser has a market capitalisation of over C$350million.
Carnaby remains an active participant in the rapidly emerging and highly prospective Montney Resource Play and has recently acquired an additional 25 sections (~10,500 net acres TSV) along trend from the lands sold.