Bucking Horse Energy Inc. announces sale agreement for producing wells
Friday, Dec 14, 2012
Bucking Horse Energy Inc. (TSX:BUC) ("Bucking Horse" or the "Company") announces that its wholly-owned subsidiary has entered into a Purchase and Sale Agreement ("PSA") with a subsidiary of Freepoint Resources LLC, an arms-length purchaser, for the Company's developed well-bore interests (the "Assets") in the Pinedale field in Wyoming. The Assets include 66 oil and gas wells and associated petroleum and natural gas production rights being sold for a purchase price of US$61,000,000; the PSA has an effective date of August 1, 2012. The transaction is scheduled to close on or before February 28, 2013 and is subject to approval by the Company's shareholders, secured debt holders and the TSX, as well as customary closing conditions.
The Company's undeveloped Pinedale assets are not included in the transaction.
BMO Capital Markets was the advisor and marketing agent to the Company.
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