Connacher Oil is to sell its Battrum properties in south-west Saskatchewan, Canada, to Gas Hyak Energy for $57.5m under a purchase and sale agreement.
At an approximate current production level from Battrum of 700bbl per day of medium gravity crude oil, the transaction metrics were $0.082m per flowing barrel of production, based on a mid-year 2010 evaluation.
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The proceeds will be added to Connacher’s cash balances to reduce net debt.
Hyak Energy is an affiliate of Accelerated Oil Technologies and is focused on enhancing the production of mature oilfields in North America.
