Flowing Announces the Sale of its Monitor Property

Flowing Energy has entered into a purchase and sale agreement to sell all of its interest in the Monitor area of Alberta for total proceeds of $14.15 million and the assumption or buyout of the vendors capital leases totaling $2.5 million. The sale will have an effective date of January 1, 2005. Flowing's estimated current production average from the Monitor area is 20 barrels per day of oil and 2.1 million cubic feet per day of natural gas. The sale includes Flowing's 100% working interest gas processing facility, sales and gathering pipelines, approximately 12,000 net acres of undeveloped land and proprietary seismic data. This sale is subject to property environmental audit and regulatory approval. Flowing has received a $500,000 deposit to be applied to the purchase price at closing. The sale is expected to close on or before February 25, 2005.

Proceeds will be used to discharge Flowing's $2.5 million Monitor gas plant capital lease, with the balance applied to bank debt.
Company: Flowing Energy more info
 - Flowing Announces the Sale of its Monitor Property (Feb 08)