Canadian Manufacturing

Eagle Energy Inc. sells Alberta assets for $13.8M

The sale is expected to close at the end of August

July 20, 2018  by Canadian Manufacturing.com Staff

CALGARY—Calgary-based oil and gas firm Eagle Energy Inc. has signed an agreement to sell its entire interest in its oil and natural gas properties near Twining, Alta., to a third party for cash consideration of $13,820,000.

The sale is expected to close on or about Aug. 28, 2018, subject to customary closing conditions.

Eagle intends to use the net proceeds from the sale to reduce outstanding debt under its secured term loan and to further fund its North Texas development program.

Eagle says this transaction is expected to reduce leverage, increase corporate netback per barrel of oil equivalent and lower its corporate decline rate.

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