Bucking Horse Energy Inc. (TO: BUC) has closed the sale of its developed well-bore interests in the Pinedale field in Wyoming to an arms-length industry purchaser.
The assets sold include 66 oil and gas wells and associated petroleum and natural gas production rights, but they do not include the company's undeveloped oil and gas reserves and leasehold interests. The purchase price was US $61 million which was adjusted down at closing for production revenues received and certain expenses incurred since Aug. 1.
Net proceeds were used to reduce secured debt obligations of the company.
Bucking Horse Energy Inc. is an independent oil and gas company engaged in the exploration, development, and production of natural gas and NGLs in the US. The company is headquartered in Vancouver, B.C.