Quattro Exploration Sells Minor Interests for Net Gain of $417,000

Quattro Exploration (TSX-V:QXP) has sold 38 barrels of oil equivalent per day recording a net gain of $417,000. Subsequent to the negotiation of these divestitures the Company replaced the production sold through an additional acquisition in the Donalda region of Alberta.

According to the press release:

In two separate transactions the Company sold a total of 38 boe/d (25% oil and liquids) valued at $1,708,900 or $44,950 per flowing boe. The effective date for these divestitures was November 1st, and December 1st, 2014 with both transactions closing on or before December 22nd, 2014. Upon the closing of these two transactions, Quattro will have reduced its decommissioning liabilities by more than 5% or $1,292,000 resulting in the average in service life of the Company’s remaining wells and facilities to between 10 and 15 years. While these two divestitures reduced Quattro’s interests in the Leduc Wood bend Unit and Quattro’s minority interests in three shut-in wells in Northeast British Columbia to zero.

Leonard Van Betuw, president and CEO, said:

The divestitures had significant potential but they were deemed to be non-core in the second Quarter of 2014, due to our minority ownership. Therefore we are very pleased with the results of these sales and the subsequent acquisition.

Click here to read the Quattro Exploration and Production (TSX-V:QXP) press release