2009-08-11-2007-10-01-2007-10-01

Sold 478 DOE/d, 16,000 acres of undeveloped land.

Flagship Energy Inc., Calgary, (Toronto: FG) has sold to an undisclosed buyer certain oil and gas properties in southeastern Saskatchewan for C$25.1 million in cash. Production of the assets is 478 barrels of oil equivalent per day and includes approximately 16,000 acres of undeveloped land. The proceeds will be used to pay a portion of the company's bank debt.