Argent Energy Trust (TO: AET-UN.TO) recently entered into an agreement to sell certain properties located in Kansas for $10 million. The buyer wasn't disclosed.
Current production from these properties is about 95 barrels of oil equivalent per day.
Proceeds will be used to reduce the amounts drawn under the credit facility, which remains at $160 million following its recent annual review. Upon completion of the sale, Calgary, Alberta's Argent will have about $50 million of undrawn capacity on its credit facility.
With the drilling component of the 2014 capital program having drawn to a close, Argent expects indebtedness to continue to decrease over the balance of the year.
This transaction is expected to close by Aug. 13.
The Trust is also currently evaluating offers on its third party operated production payment and royalty interest. However, the timeline to close has been extended as a result of the recently announced Forest Oil Corp. (NYSE: FST)--the operator--and Sabine Oil & Gas LLC transaction.
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