Sold off: Jed Oil's assets in Alberta
Jed raises $4.1 million in asset sale
Canada’s Jed Oil has sold its oil and gas assets in the Ferrier and Wizard Lake areas of Alberta and the Pinedale area of Wyoming for $4.068 million.
The buyer of the Alberta assets is a private Alberta oil and gas company, while the Wyoming assets will be bought by a US partnership operated by the Alberta company, Jed said in a statement.
Around $2.818 million will be paid in cash and $1.25 million by the issuance of 550,000 common shares of the Alberta company.
The assets consist of most of Jed’s non-core assets, and the proceeds will be used as part of it’s reorganisation under the creditor protection terms of its Companies’ Creditors Arrangement Act (Canada).
Closing of the sale is subject to court approval and is required to occur before the end of the year.