CALGARY, ALBERTA–(Marketwired – Sept. 30, 2014) – Crew Energy Inc. (TSX:CR) (“Crew” or the “Company”) is pleased to announce that it has closed its previously announced disposition of its petroleum and natural gas assets in the Princess area of Southeast Alberta, with an effective date of August 1, 2014 (the “Princess Disposition”). Full details regarding the Princess Disposition and the Company’s expanded focus on Montney development were contained in Crew’s press release dated August 28, 2014.
Consideration for the Princess Disposition totaled approximately $150 million in cash, before closing adjustments, which provides Crew with an additional and non-dilutive source of funding to continue the acceleration of its five year Montney growth plan.
Crew Energy Inc. is a growth-oriented oil and natural gas producer, primarily focused in the vast Montney resource situated in northeast British Columbia. Crew’s common shares trade on Toronto Stock Exchange (‘TSX’) under ticker ‘CR’. For further information, please visit the Company’s website at www.crewenergy.com.