PetroHunter, Laramie Discuss Sale of Colorado Properties
PetroHunter Energy Corporation has entered into a binding Purchase and Sale Agreement with Laramie Energy II, LLC, under which PetroHunter has agreed to sell to Laramie all of PetroHunter's working interest in PetroHunter's "Southern Piceance" properties in Garfield and Mesa Counties, Colorado. The transaction is scheduled to close on or before May 6, 2008.
PetroHunter's Southern Piceance properties covered by the sale consist of approximately 1,059 net acres in Garfield and Mesa Counties, Colorado, including 16 wells which have been drilled, but not completed or connected to a pipeline. PetroHunter retains all its interest in eight producing wells in Garfield County, which are operated by EnCana Oil & Gas (USA), Inc.
PetroHunter's Chairman and CEO, Charles B. Crowell, stated, "PetroHunter and Laramie have worked diligently to reach this point. The sale of our Southern Piceance assets is another step in implementing our corporate strategy, and will put a challenging period of our history behind us. Completion of this transaction will allow PetroHunter to focus on additional drilling and development in Buckskin Mesa, our core area in the Piceance Basin, and to move forward this year with the early phases of our long-term exploration and development plans on our seven million-acre prospect in Australia."
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