May 27 (Reuters) - Arsenal Energy Inc AEI.TO :
* Sale of all its oil and natural gas properties located in
united states for a sales price of US $34 million
* Deal for $34 million
* Proceeds from sale have been used to reduce company's
outstanding bank credit facility
* Announces that it has entered into a letter of intent to
sell 250 boe/d of Canadian production for total proceeds of $8.7
million
* Upon successful completion of sale transaction, Arsenal
will have repaid approximately $70 million of bank indebtedness
* Arsenal will retain its core Princess, Alberta property as
well its Provost and EVI properties
* Pro forma, upon successful completion of property sales,
production is estimated to be approximately 1,250 boe/d
* After applying net proceeds of sale, Arsenal estimates its
current bank debt at approximately $11.7 million
* Arsenal Energy Inc announces sale of its us properties
Source text for Eikon: ID:nMKW1qHZfa
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