Perpetual Energy Inc. (TO: PMT) has closed the sale of its Elmworth property for C $77.5 million.

The Elmworth property consists of 3 gross (1.5 net) non-producing horizontal Montney gas wells at Elmworth, one vertical well at Wapiti, and undeveloped land, including 20,256 net acres of Montney rights.

At year-end 2012, McDaniel & Associates estimated total proved and probable reserves of 13.1 million barrels of oil equivalent net to Perpetual at Elmworth. Furthermore, McDaniel estimated C $122.8 million of future development capital would be required to convert these undeveloped reserves ...