PanTerra Resource Corp. has agreed to sell a 60-percent working interest in its Carrot Creek Cardium assets of Central Alberta for $3.4 million dollars. The company, which holds 100-percent working interest in the project, will now hold a 40-percent stake.
A letter of intent has been signed and a definitive purchase and sale agreement is being prepared for execution, the operator said. Carrot Creek Cardium consists of approximately 2,080 net acres.
PanTerra is selling the assets to reduce debt and to provide additional funds for its current credit facilities. The Alberta-based company will also use the proceeds to provide additional funds for direct participation in the Tomahawk gas gathering system and the Carrot Creek Phase II water-flood project.
Headquartered in Calgary, PanTerra is a producing oil and gas company that focuses on the exploration and development of conventional and unconventional potential in Western Canada. It holds rights in excess of 1 million acres in various properties throughout the region.
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