American Eagle Energy Corp. (NYSE: AMZG) announced Jan. 27 that it closed the sale of certain noncore, nonoperated working interests in the Bakken.
The Denver company said it sold interest in oil and gas properties located in Divide County, N. D., to an independent E&P company for $9.5 million in cash.
The properties represent about 120 net barrels of oil equivalent per day produced from about 25 gross (1.45 net) wells that consist of nonoperated working interests in roughly 1,185 net leasehold acres.
The proceeds will be used to enhance the company's liquidity position. The transaction closed on Jan. 22, with an effective date of Nov. 1.
Following the transaction, American Eagle continues to hold additional working interest and production from other nonoperated wells and is currently contemplating sales of some of these assets that could further enhance its liquidity.
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