Brief: Pine Cliff Energy says $31.4 mln disposition of non-core oil assets

Pine Cliff Energy

06/12/2016 13:00

Dec 6 (Reuters) - Pine Cliff Energy Ltd  PNE.TO  - 
    * Deal of $31.4 million consists of about $26.4 million in 
cash and approximately $5.0 million in TSX-listed common shares 
of purchaser 
    * Sold oil assets include about 500 boe/day of production 
weighted 94 pct to oil located in Viking area of central Alberta 
    * Net proceeds from sale of oil asset will be used to pay 
down Pine Cliff's bank indebtedness 
    * Pine Cliff anticipates that it will decrease its credit 
facility as a result of the oil asset sale 
    * Pine Cliff Energy Ltd announces $31.4 million disposition 
of non-core oil assets and management update 
 
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