FORT ST. JOHN, B.C. – Painted Pony Energy Ltd. has announced that it has closed a deal to sell 75 percent of its working interest in 11,280 gross acres in the Northeast B.C. Montney for cash consideration of $45 million.
According to Painted Pony, this transaction totals approximately four percent of the company’s total Montney acreage.
According to Painted Pony’s president and CEO, Patrick Ward, the sale would give the company financial leverage, and would not impact current production volumes.
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Painted Pony’s bank debt is estimated to be $120 million on a $375 million syndicated credit facility.
The buyer involved in the deal has not been disclosed.