Warrior Energy NV, Vancouver, (Toronto Venture: WEN) reports it plans to transfer most of its oil and gas assets to an affiliate of Macquarie Bank Ltd. as a deed in lieu of foreclosure to settle debt obligations of US$3.4 million.
The transaction includes all interest in leasehold and wells associated with Warrior’s Strike project area in Sweetwater County, Wyoming, in the Green River Basin. The Strike project area encompasses approximately 3,000 net mineral acres with interests in 13 gas wells targeting the Lewis sands. In addition, the company will transfer an additional 2,080 net undeveloped acres in the Greater Green River Basin.
Warrior will retain its oil-focused Garrington asset in Alberta as it is not subject to debt financing.