Arcan Resources Closes Virginia Hills Asset Sale For $7.5 Million

Acquired non-core Virginia Hills asset in northwestern Alberta.

Arcan Resources Ltd. (TSXV: ARN) completed the disposition of its non-core Virginia Hills asset for $7.5 million, the Calgary-based company announced Dec. 16.

Proceeds from the sale will be applied directly against the debt on the balance sheet. Arcan also continues to solicit interest for other producing and development properties, which are described in detail in its Sep. 23 news release.

Arcan is engaged in the production, development, exploration and acquisition of petroleum and natural gas located in Canada's Western Sedimentary Basin.