Nation Energy and Netco to Divest Smoky Area Assets
September 23, 2008
Nation Energy and Netco Energy have jointly entered into a sale and purchase agreement with EnCana Oil and Gas to sell their assets in the Smoky Area of the Canadian province of Alberta for a total net price of C$1.6 million.
The transaction will be effective June 1, 2008. At the closing, Nation Energy will receive C$1.09 million and Netco will receive C$505,000 of the total price.
The closing of the transaction is subject to approval from the Toronto Stock Exchange Venture Exchange and other regulatory bodies.
Both Nation Energy and Netco individually intend to use their proceeds of the transaction to fund their respective future oil and gas exploration programs, and for their general working capital.