2008-10-10-2008-09-15-2008-09-15

Bought WI in Grice oilfield in Loving Co., TX, gaining 14.7 BOE/d.

Sharon Energy Ltd., Calgary, (Toronto Venute: SHY) has sold its working interest in the Grice oilfield in Loving County, Texas, to an undisclosed buyer for US$1.25 million. The deal values production at US$85,000 per flowing barrel equivalent, proved producing reserves at US$62.85 per barrel equivalent and total proved reserves at US$26.60 per barrel equivalent, according to AJM Petroleum Consultants. Net production is 14.7 barrels of oil equivalent per day. Sharon plans to use the funds to expand its exploration and development program in Texas.