CALGARY, Alberta, Nov. 08, 2019 (GLOBE NEWSWIRE) — Painted Pony Energy Ltd. (“Painted Pony” or the “Corporation“) (TSX: PONY) is pleased to announce the closing of the previously announced asset sale (the “Asset Sale”) of a 75% working interest in 11,280 gross acres (8,460 net acres) in the northeast British Columbia Montney for cash consideration of $45 million.
The Asset Sale acreage totals approximately 4% of Painted Pony’s total Montney acreage prior to closing. As at closing and net of the cash proceeds from the Asset Sale, Painted Pony’s bank debt is estimated to be $120 million on a $375 million syndicated credit facility.
