Fairborne Energy Ltd. (TSX:FEL) has closed its previously announced sale of properties in the greater Sinclair area of south west Manitoba and south east Saskatchewan for $80 million, subject to closing adjustments. Proceeds from the divestiture were used to reduce bank indebtedness.
With the closing of the Sinclair asset sale and the scheduled closing next month ...
The Vancouver, British Columbia-based company's mostly contiguous land base at Chambers-Ferrier now totals 25 sections (16,000 gross acres) with an approximate average working interest of 79.5% in 16 of the 25 sections and varying interests in nine (9) wells.
Darden will remain on the board as a director and chairman emeritus. He will continue as an employee of the company through the end of the year, focusing on strategic transactions including the pursuit of a joint venture in the Horn River Basin in British Columbia.