Enterra Energy Enters Purchase and Sale Agreement for $41 Million
Enterra Energy Trust has entered into definitive purchase and sale agreements with three counterparties for the sale of oil and gas properties. The three transactions are anticipated to generate total gross proceeds of $40.925 million and it is intended that the closings will be completed by mid-February.
The transactions are subject to terms and conditions which are typical of transactions of this nature. The Trust also announces that it closed a further sale of minor assets in December 2007 for gross proceeds of $5.34 million.
All properties included in the four transactions are in Alberta, with total production of approximately 1,450 boe/day. The group of assets is evenly split between oil and gas on a boe basis. Proceeds from these sales will be substantially directed to the debt reduction program previously announced and represent significant progress in the execution of this part of Enterra's business plan.