PetroHunter Sells Interest in 8 Colorado Wells for $2.3 million
PetroHunter closed the sale of its 50% working interest in eight producing oil and gas wells to Robert L. Bayless, Producer LLC ("Bayless"), for $2.3 million, effective December 1, 2008. The eight wells are located in Garfield County, Colorado, and are operated by EnCana Oil & Gas (USA), Inc. PetroHunter stated that the sale of these non-operated properties is consistent with the Company's plan of disposing of non-strategic assets and will provide additional funds for the Company's ongoing operations.
PetroHunter's Chairman and CEO, Charles B. Crowell, stated, "The cash generated from this sale addresses some short-term cash needs and will enable us to remain focused on our objectives of developing Buckskin Mesa and our 7-million-acre prospect in Australia."
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