SignalEnergy Inc., Calgary, (Toronto: SGI) has closed the first sale of a significant portion of its assets for C$44 million to an undisclosed party. The remaining assets, valued at C$56 million, are scheduled to close in mid-March. The entire transaction involves the sale of 4.84 million barrels of oil equivalent of proven and probable reserves, 70,952 acres (40,910 net acres) of undeveloped land and related facilities in the Kaybob, Carrot Creek and Redwater areas of Alberta. SignalEnergy plans to distribute the net proceeds of the sale to its shareholders after paying its debt.
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