Crew Energy Announces Closing of Strategic Transactions in Northeast British Columbia
December 21 2012 - 4:30PM
Marketwired
Crew Energy Inc. ("Crew" or the "Company") (TSX:CR) of Calgary,
Alberta is pleased to announce that it has closed the previously
announced asset transactions resulting in the further strategic
consolidation of Montney lands within the Septimus/Groundbirch
corridor proximal to Company infrastructure. The transactions had
an effective date of December 1, 2012 and resulted in net proceeds
to the Company of $86 million before closing adjustments. The net
proceeds were used to reduce bank indebtedness.
The closing of these transactions builds upon Crew's strategy of
continuing to consolidate a significant resource base in northeast
British Columbia at a reasonable cost and maintaining the Company's
liquids growth objectives. Crew's northeast British Columbia
Montney ownership now exceeds 150,000 net acres and the Company has
an exclusive option to purchase an additional 140 sections (91,000
net acres) of land principally located in the Altares and Attachie
liquids rich areas of the Montney play.
Crew is an oil and gas exploration and production company whose
shares are traded on the Toronto Stock Exchange under the trading
symbol "CR".
Contacts: Crew Energy Inc. Dale Shwed President and C.E.O. (403)
231-8850dale.shwed@crewenergy.com Crew Energy Inc. John Leach
Senior Vice President and C.F.O. (403)
231-8859john.leach@crewenergy.com Crew Energy Inc. Rob Morgan
Senior Vice President and C.O.O. (403)
513-9628rob.morgan@crewenergy.com www.crewenergy.com
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