Friday, November 6th, 2009
Bonterra Oil & Gas sells non-core producing assets for $24 million
CALGARY - Bonterra Oil & Gas Ltd. (TSX: BNE), a Calgary-based energy producer, says it has closed the sale of a portion of its Shaunavon oil production in southwestern Saskatchewan to Eagle Rock Exploration Ltd. (TSXV:ERX).
The pricetag of the deal is 24 million in cash and nearly $30.8 million shares of Eagle Rock, worth about $5.6 million at Friday's stock price. The shares represent about 4.2 per cent of Eagle Rock.
The disposed property consists of 200 barrels per day of medium gravity oil production and 18.5 sections of land in the Eastend area of southwestern Saskatchewan.
