July 14, 2008
Sahara Energy Sells Working Interest in Gold Creek Gas Well
Sahara Energy, engaged in oil and gas exploration and development, has sold its 30% operated working interest in one gas well located at Gold Creek, Alberta, for proceeds of approximately C$180,035.
Proceeds from the sale will be used to pay down Sahara's existing bank debt. Subsequent to the application of the proceeds from the sale, Sahara's current bank indebtedness will be approximately C$20,000.Sahara will reportedly continue to focus on developing its lands in its core area of Lloydminster, Alberta.