Crew Announces Closing of Alberta Deep Basin Asset Disposition and Expansion of Its 2014 Montney Focused Capital Program
May 30 2014 - 2:30PM
Marketwired
Crew Announces Closing of Alberta Deep Basin Asset Disposition and
Expansion of Its 2014 Montney Focused Capital Program
CALGARY, ALBERTA--(Marketwired - May 30, 2014) - Crew Energy
Inc. (TSX:CR) ("Crew" or "the Company") is pleased to announce that
it has closed its previously announced disposition of certain
petroleum and natural gas assets (75% natural gas) focused
primarily in the Deep Basin of Alberta, with an effective date of
April 1, 2014. Full details regarding the disposition and
concurrent acquisition of strategic Montney acreage were contained
in Crew's press release dated April 9, 2014.
Consideration for the disposition totaled approximately $222
million in cash, before closing adjustments, plus
approximately 400 bbls per day of heavy oil production in the
Company's Lloydminster area. This transaction provides Crew with an
additional and non-dilutive source of funding to accelerate its
five year Montney growth plan.
With the closing of this transaction, Crew has expanded its 2014
exploration and capital program by $39 million to $285 million
which will be directed to continued acceleration of the Company's
core Montney development.
Crew is a Calgary, Alberta based oil and gas exploration,
development and production company whose shares are traded on the
Toronto Stock Exchange under the trading symbol "CR". For further
information about Crew, please visit the Company's website at
www.crewenergy.com.
Crew Energy Inc.Dale ShwedPresident and C.E.O.(403) 231-8850Crew
Energy Inc.John LeachSenior Vice President and C.F.O.(403)
231-8859Crew Energy Inc.Rob MorganSenior Vice President and
C.O.O(403) 513-9628
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