Provident Energy Trust (Provident, the Trust) (TSX:PVE.UN) (NYSE:PVX) recently announced that it has closed the previously announced sale of its oil and natural gas assets in Southeast and Southwest Saskatchewan for cash consideration of $226 million including closing adjustments. Effective September 30, 2009 Provident has also completed the sale of a minor property in the Lloydminster area of Alberta (Dolcy) for $13 million. Current production from the Dolcy property is approximately 350 barrels of oil equivalent per day. Proceeds from both transactions will be applied to Provident's revolving term credit facility. All values are in Canadian dollars and conversion of natural gas volumes to barrels of oil equivalent (boe) are at 6:1 unless otherwise indicated.
Best Damn Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Stock Newsletter
Provident continues the previously announced disposition process for its heavy oil assets in the Lloydminster area. Detailed information is now available to interested parties and non-binding proposals are expected in late October 2009. Scotia Waterous has been retained as exclusive advisor for the Lloydminster sale process. As a result of the sale of these non-strategic assets coupled with the decline in commodity prices, Provident's term credit facility is expected to be adjusted downward by $75 million to $1,050 million effective October 1, 2009. After application of sale proceeds, Provident has approximately $350 million drawn against its term credit facility. Provident Energy Trust is a Calgary-based, open-ended energy income trust that owns and manages an oil and gas production business and a natural gas liquids midstream services and marketing business. Provident's energy portfolio is located in some of the most stable and predictable producing regions in Western Canada. Provident provides monthly cash distributions to its unitholders and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbols PVE.UN and PVX, respectively.
Sign up for the free Best Damn Penny Stocks newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website
About Best Damn Penny Stocks
Best Damn Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer
