Artek Exploration Ltd. Announces Non-Core Property Dispositions

Artek Exploration Ltd. of Calgary, Alberta is pleased to announce that it has entered into purchase and sale agreements to dispose of certain non-core assets in the Peace River Arch area of Alberta.

Total cash consideration, before customary closing adjustments, for the Divested Assets is approximately US$21.85 million providing the company with additional balance sheet strength to continue its strategic focus on the development of its core Montney and Doig assets in the Inga/Fireweed area of Northeast British Columbia.

All transactions are expected to close on or prior to 8 December 2014 with various effective dates. Pro-forma completion of the dispositions, Artek anticipates average production for 2014 to be approximately 4200 boe/d consistent with previously released guidance and expects to meet its previously released exit guidance of 5500 to 5600 boe/d of which in excess of 40% is anticipated to be oil and natural gas liquids.

Adapted from a press release by Joe Green

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/04122014/artek-exploration-calgary-alberta-purchase-sale-assets-peace-river-402/