Business
Central Natural Resources, Inc. subsidiary announces closing of sale of working interest assets
Central Natural Resources, Inc. subsidiary announces closing of sale of working interest assets.
About this update from Central Natural Resources
[{"type":"text","content":"\r\nCentral Natural Resources, Inc. subsidiary announces closing of sale of working interest assets\r\n\r\n\r\nOn January 31, 2007, a wholly owned subsidiary of Central closed on the sale of substantially all of its working interest assets, located in South and East Texas, in a cash transaction with Edge Petroleum. The sale, effective January 1, 2007, resulted in sales proceeds, after purchase price adjustments, of $3,308,461. Assuming no further sales adjustments, Central estimates that it will realize a pre-tax book gain on the sale of these assets of approximately $1,868,461 in the first quarter of 2007.\r\n\r\nPre-tax book gains and the after-tax gains may vary substantially due to differences in the cost basis of the properties on a book versus tax basis. Additionally, operating expenses and other tax deductible items that occur in the normal course of Central's business may result in changes to the ultimate taxable gain on this and other transactions.\r\n","length":961,"tagName":"div"}]