Oct 30 (Reuters) - Granite Oil Corp GXO.TO :
* CORP. PROVIDES OPERATIONAL AND DIVIDEND UPDATE, AND EXITS THE PREVIOUSLY ANNOUNCED STRATEGIC ALTERNATIVES PROCESS
* CORP SAYS MANAGEMENT AND BOARD OF DIRECTORS OF GRANITE HAVE DECIDED TO REDUCE MONTHLY DIVIDEND BY 57% TO $0.01 PER SHARE
* CORP SAYS THIS REDUCTION WILL BE EFFECTIVE FOR NOVEMBER 2018 DIVIDEND
* FINALIZED AN AGREEMENT TO SELL MAJORITY OF ITS OIL DIRECTLY TO A US REFINERY STARTING OCTOBER 2018
* WITH AGREEMENT,EXPECTS TO RECEIVE AVERAGE POSITIVE PRICE DIFFERENTIAL OF ABOUT $6.65 CAD/BBL(NET OF TRANSPORTATION) ABOVE WCS SPOT PRICES
* NO SATISFACTORY BUSINESS ALTERNATIVES WERE PRESENTED THAT IMPROVED STRATEGIC POSITIONING OF COMPANY, AND SO TERMINATED PROCESS
* HAS AGREED WITH ITS BANKING SYNDICATE THAT THERE WILL BE NO SEMI-ANNUAL REVIEW OF ITS BORROWING BASE IN 2018
* CURRENTLY HAS SHUT-IN PRODUCTION BEING RE-PRESSURIZED THAT IS READY TO BE BROUGHT ON-STREAM WHEN WCS DIFFERENTIALS NARROW
* CORP -GRANITE DID NOT DRILL A WELL IN Q3 AND MAINTAINED AVERAGE PRODUCTION OF APPROXIMATELY 1951 BBL/D (100% OIL)
* MANAGEMENT AND BOARD WILL PRIORITIZE REPAYMENT OF DEBT WITH REDIRECTED CAPITAL