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BRIEF-Trilogy energy to sell certain Duvernay assets in Kaybob area for $60 mln

Published 2017-05-25, 06:29 p/m
© Reuters.  BRIEF-Trilogy energy to sell certain Duvernay assets in Kaybob area for $60 mln
TET
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May 25 (Reuters) - Trilogy Energy Corp TET.TO :

* Announces agreement to sell certain Duvernay assets in the Kaybob area for $60 million and provides an update on its previously announced Grande Prairie area disposition

* Maintains its current average 2017 annual production guidance of 24,000 boe/d

* Proceeds from sale of 2 tansactions will be applied to reduce Trilogy's indebtedness under its revolving credit facility

* Sale of certain Valhalla assets in Grande Prairie area remains conditional pending purchaser's receipt of regulator approvals

* To sell about 9.75 net sections of duvernay mineral rights in kaybob duvernay play, 11.0% interest in a non-operated gas plant

* Upon closing of Valhalla Area asset sale, Trilogy's borrowing base will be reduced from $300 million to $290 million

* Upon closing of Duvernay asset sale, Trilogy's borrowing base will be reduced from $290 million to $285 million Source text for Eikon: ID:nCCNnNtdXa Further company coverage: TET.TO

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