LongBow currently holds interests ranging from 15% to 85% in 47 units in the area, including three non-producing wells, in addition to the a-3-H/94-B-8 exploratory well.
The effective date of the transaction is October 1, 2004 with closing anticipated to take place on October 31, 2004 and is subject to the purchaser conducting a review of title, facilities and equipment. No finders fees are to be paid in connection with the transaction.
The purchase price was determined by the board of directors of LongBow based upon competing offers for the Assets, the increased cost of conducting an exploration program in the area and the availability of exploration opportunities elsewhere in western Canada that can be exploited in a more economical and timely manner.
LongBow is a junior oil and natural gas company based in Calgary, Alberta with core natural gas properties located in Alberta at Cold Lake and Watts Lake, and in British Columbia at Altares.
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