PA Resources has completed the sale of PA Resources Norway AS to Bayerngas Norge AS. The transaction was closed on January 8, 2009.
PA Resources AB has completed the previously announced sale of its wholly-owned subsidiary PA Resources Norway AS including all assets in exploration and production licenses on the Norwegian continental shelf to Bayerngas Norge AS. The transaction was closed on January 8, 2009, following the required regulatory approvals by the Norwegian Authorities in the middle of December 2008.
Bayerngas Norge has paid an Enterprise Value of US $220 million on a cash and debt free basis. The transaction has economic effect per January 1, 2009.
The sale of the Norwegian subsidiary includes all personnel presently employed by PA Resources Norway.
The transaction will considerably strengthen PA Resources' financial position and its ability to continue to successfully develop its production licenses in the years to come. The transaction confirms the inherent value of PA Resources’ portfolio of oil and gas assets.
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