Terra Sells Montney Assets for $78 Million

Terra Energy Corp. (TSX:TT) announced that its board of directors has agreed to sell their Montney Assets in northeast British Columbia for $78 million.

As quoted in the press release:

The transaction is to occur in two parts; the first part consisting of the immediate sale of 57 net sections of Montney rights located primarily in the Monias area of northeast British Columbia for a total cash consideration of $22.0 million and is scheduled to close on December 14, 2012. The second part of the transaction consists of an option for the purchaser to acquire, exercisable by March 15, 2013, the remaining approximately 140 net sections of mineral rights in northeast British Columbia for an additional consideration of $56.0 million.

To view the whole press release, click here.