Crocotta Energy Inc. (TSX: VTA) has entered an agreement for the sale of various properties for $33 million. Production of these assets totaled about 880 boepd. The company believes the sales of these assets will reduce its proved reserves by about 1.83 million boe and reduce its proved plus probable reserves by about 2.49 million boe. The sales contain 7 separate transactions which are anticipated to be substantially finished by January 31, 2010.
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Crocotta will now actively pursue the development of its core resource plays in the Montney, Bluesky and Cardium formations. Further information on the scope and timing of such projects is expected to be released prior to the end of January 2010.
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