CALGARY, April 17 /CNW/ - Result Energy Inc. ('Result'; TSX-V: RTE) is pleased to announce that it has entered into an agreement for the sale to Marble Point Energy Ltd. of its producing petroleum and natural gas assets in the Dodsland area of southwest Saskatchewan. The sale price for the properties is $11.8 million with a scheduled closing date of April 30, 2008 (subject to regulatory approval) and an effective date of March 1, 2008. The sale process was conducted with the assistance of Rundle Energy Partners, who acted as exclusive agent.
The properties to be sold include the Company's 50% working interest in a shallow Viking natural gas field (48 wells) and related compression facilities at Dodsland, plus production (1 oil and 6 gas wells) and wellsite facilities at nearby East Dodsland. Proceeds from the disposition will be applied to reduce the Company's secured bank term debt.
Investors are cautioned that this news release contains forward looking information. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements.
Result Energy Inc. is a publicly traded Canadian energy company involved in the exploration and development of oil and gas properties in western Canada. Result trades on the TSX Venture Exchange under the symbol "RTE".
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and accuracy of this release.