Celtic Exploration Ltd. (TSX: CLT) has entered a binding offer to purchase agreement to dispose of oil and gas assets in the greater Swan Hills area of west central Alberta. The date of the divestment if February 1, 2010 and the expected closing date will be around March 31, 2010. The proceeds are estimated to be around $53.25 million. Part of the proceeds will be used on the company’s 2010 drilling program with the balance going to general corporate purposes.
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Celtic Exploration Ltd. (Celtic) is a Canada-based company. Celtic is engaged in the exploration for, and the development and production of, oil and natural gas in Calgary, Alberta, Canada.
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