Jan 17 (Reuters) - Crew Energy Inc CR.TO :
* CREW ENERGY INC. ANNOUNCES STRATEGIC DEBT AND COST REDUCTION TRANSACTIONS
* CREW ENERGY - ENTERED PURCHASE & SALE AGREEMENT FOR DISPOSITION OF 22% NET WORKING INTEREST IN EACH OF ITS SEPTIMUS FACILITY, WEST SEPTIMUS FACILITY
* CREW ENERGY - EXERCISED ITS OPTION TO ACQUIRE AN APPROXIMATE 16% NET INTEREST IN NEBC FACILITIES FOR $11.7 MILLION
* CREW ENERGY INC - DEAL FOR AGGREGATE CONSIDERATION OF $70.0 MILLION
* CREW ENERGY - UPON TRANSACTION CLOSING, PROCEEDS FROM DISPOSITION WILL BE USED TO REDUCE OUTSTANDING INDEBTEDNESS UNDER CO'S $235 MILLION CREDIT FACILITY
* CREW ENERGY INC - CREW WILL ENTER INTO A 20-YEAR PROCESSING ARRANGEMENT WITH A COMMITMENT OF APPROXIMATELY $6.4 MILLION PER YEAR TO BE PAID TO PURCHASER