2010-03-10-2009-12-31-2009-12-31

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$3.3MM
Description

Bought TX Permian Basin properties.

Petroflow Energy Ltd., Calgary, (Toronto: PEF; NYSE Amex: PED) reports it has sold its Permian Basin properties in Texas for $3.3 million to an undisclosed buyer. The company says the divestment will allow it to focus on the Hunton resource play.

The properties consist of 3,640 gross and net developed acres, with a 100% working interest in 14 producing oil wells that have production of 65 barrels of oil equivalent per day.

Petroflow will use the proceeds from the sale to reduce debt under its amended and restated credit agreement, which requires that the company provide additional security to its creditors in the form of a pledge and first priority security interest in all of the capital stock of its subsidiaries.