Perpetual Energy Inc. closed the disposition of its 30% partnership interest in Warwick Gas Storage LP (WGS LP) for CA$20 million, the company said May 25.

The transaction included the disposition of Perpetual's share of WGS LP's CA$8.3 million of debt, net of working capital, held by the partnership. Perpetual also received a net dividend of CA$0.5 million at closing, for effective total value of about CA$23 million.

Perpetual has also swapped an additional CA$62.5 million of senior notes in a securities swap.

A portion of the Tourmaline Oil Corp. shares owned by Perpetual were swapped on the basis of 21 Tourmaline shares for each CA$1,000 principal amount of the 8.75% senior notes due March 15, 2018, and 20 Tourmaline shares for each CA$1,000 principal amount of the 8.75% senior notes due July 23, 2019.

The additional CA$62.5 million notes swapped include CA$35.4 million of the 2018 notes and CA$27.2 million of the 2019 notes for 1,286,006 Tourmaline shares owned by Perpetual.

A total of CA$214.4 million notes have been swapped for 4.402 million Tourmaline shares owned by Perpetual. Taking this into account, Perpetual estimated its total net debt at about CA$29.5 million, down about 86% from year-end 2015’s CA$203.6 million.

Perpetual Energy Inc. is based in Calgary, Alberta.