Altura Energy Finalizes Asset Sale for C$28.4 Million in Gross Proceeds

Altura Energy Inc. (TSXV:ATU) has reported the closing of its previously announced sale of east central Alberta and Saskatchewan assets. After closing adjustments, net cash consideration received by Altura under the transaction totaled approximately C$27.9 million.

Altura is a Canadian-based oil and gas exploration company with an ongoing project in the central Alberta area known as Leduc-Woodbend.

As quoted from the press release:

With the closing of the transaction, Altura has the financial resources to aggressively develop its Leduc-Woodbend Upper Mannville oil property in the second-half of 2018 and through 2019, as outlined in its press release dated May 15, 2018.

Following the transaction, Altura will have a land base of 66 net sections within the Leduc-Woodbend pool, approximately 550 Boe per day of production (80 percent oil and NGLs), and approximately 1,221 Mboe of proved reserves and 2,140 Mboe of proved plus probable reserves based on the McDaniel Report.

The corporation plans to commence drilling at Leduc-Woodbend with an eight (7.7 net) ERH well program starting mid-June 2018. Additionally, Altura will accelerate the expansion of its multi-well battery at 12-14-049-26W4 to a processing capacity of 3,000 to 3,500 barrels of oil per day, which was previously planned for 2019. Total forecasted capital expenditures for 2018, excluding dispositions, will increase from C$15 million to C$33 million and production is forecasted to exit 2018 at approximately 1,900 Boe per day.

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