Cuda Oil and Gas Divests All Quebec Assets
Cuda Oil and Gas Inc. has entered into binding asset purchase agreements to sell all of its oil and gas assets in Quebec for C$10.59 million (US $8.06 million), the company announced Wednesday.
The transaction includes a cash consideration at closing of C$4.29 million (US $3.27 million) to arm’s-length purchasers. Cuda did not name the purchasers.
“This is a significant transaction for Cuda shareholders in its magnitude and strategic creation of a pure play company in the Powder River Basin which has been described as the ‘Permian of the Rockies,’” Glenn Dawson, Cuda CEO said in a company statement. “Moving forward, Cuda will focus on development of the company’s high netback conventional light oil assets and secondary recovery miscible gas flood in Converse County, Wyoming. Cuda’s contiguous Powder River Basin lands contain multiple defined opportunities to access and develop low risk proven conventional reservoirs.”
The transaction is expected to close by August 30, 2019.
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