Painted Pony Energy Ltd. has closed a deal to sell a 75% working interest in 11,280 gross acres (8,460 net acres) in the Northeast B.C. Montney for cash consideration of $45 million.
The transaction totals approximately 4% of Painted Pony’s total Montney acreage. The buyer was not disclosed.
Earlier this month, company president and CEO Patrick Ward said the sale would give the company financial leverage, and would not impact current production volumes.
As at closing and net of cash proceeds, Painted Pony said it's bank debt is estimated to be $120 million on a $375 million syndicated credit facility.
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