This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Result Energy closes Horn River asset sale 2009-10-19 09:51 ET - News Release Mr. William Matheson reports RESULT ENERGY ANNOUNCES CLOSING OF HORN RIVER ASSET SALE AND 2010 CAPITAL SPENDING FOCUS ON CONVENTIONAL TIGHT OIL PROJECTS Result Energy Inc. has closed the previously announced disposition of its Horn River shale gas assets in northeastern British Columbia to a major energy trust for $11-million cash, plus certain non-cash consideration. The cash proceeds from the sale are being used to extinguish all of the company's bank operating loan and current payables.
Corporate focus
Given the recent and projected weakness in natural gas markets, the company will focus its 2010 capital program on low-risk conventional tight oil projects in Alberta and Saskatchewan. Result plans to participate in projects which offer year-round access and drilling depths less than 2,000 metres (vertical). The company will also focus on geologic formations which have large oil-in-place volumes plus low primary recovery factors and which will benefit from the recent advances in multifrac horizontal well technology. Result is currently active in four project areas which meet these criteria:
The remainder is available to Stockwatch subscribers.
If you would like to give the Stockwatch system a try,
click here for a free 30 day trial subscription. |
Top
Print this Page