Business
Pending Sale Of Working Interest Assets
Pending Sale Of Working Interest Assets.
About this update from Central Natural Resources
[{"type":"text","content":"Central Natural Resources, Inc. announces pending sale of working interest assets.\r\n\r\nA wholly owned subsidiary of Central has executed an agreement with the operator of its working interest properties to include substantially all of its working interest assets, located in South and East Texas, in a sales package to a public, third party buyer. An executed Purchase and Sale Agreement between the operator of Central's working interests and the third party buyer calls for a cash transaction with an effective date of January 1, 2007 and a closing date of January 31, 2007. The purchase price allocated to Central's working interests being sold in this transaction is approximately $3,394,000 and, if the sales transaction closes without an adjustment in purchase price, Central estimates that it will realize a pre-tax book gain on the sale of these assets of approximately $1,954,000 in the first quarter of 2007.\r\n\r\nThis sales transaction is contingent upon the completion of due diligence by the buyer as well as additional closing conditions which must be satisfied by both parties. At this time, there is no guarantee that the sale will occur, either under the terms described herein, or in any other form. \r\n","length":1224,"tagName":"div"}]