Sonde Resources Rolls Off 26,240 Alberta Acres

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
75MM
Description

Acquired 26,240 gross undeveloped acres in Kaybob Duvernay play in AB.

Sonde Resources Corp., Calgary, (Toronto: SOQ) has completed the sale of assets in Alberta to an undisclosed buyer for C$75 million.

The assets include 26,240 gross undeveloped acres (24,383 net acres) in the Kaybob Duvernay play in Alberta

The net proceeds from this sale will be used to focus on Sonde's Western Canada and North African strategy and for other corporate purposes. Sonde continues to own approximately 39,000 net undeveloped acres in Duvernay and Montney oil plays, in the Ante Creek and Bezanson area.

Sonde chief executive Jack Schanck says, “This sale provides Sonde with the flexibility to advance our capital programs across the company. We are particularly focused on how to best deploy the proceeds given the demonstrated expertise in the early identification of high potential areas as demonstrated by this sale.”