Wrangler West is selling certain non-operated natural gas assets in the Craigmyle, Michichi, Watts and Wildunn areas of Alberta for $3.6 million.
The disposition of these mature producing assets is effective February 1, 2010 and the transaction closed on March 29, 2010. Wrangler West's production associated with these non-operated assets was approximately 140 boe/d. Proceeds from the sale of these properties will strengthen the Company's balance sheet and provide capital to pursue 2010 exploration and development initiatives. Successful first quarter drilling has added new reserves and Wrangler West expects new production, which is awaiting tie-in, will offset this disposition.
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