Sure Energy Inc. (SHR.TO: Quote) announced that it has sold its Beaverhill Lake land interests and approximately 60 barrels of oil per day of associated production for $9 million. The deal closed on June 28, 2012 and is effective June 1, 2012. As a result of this disposition and the adjustment to the current price deck, the Company's revolving credit facility will be reduced to $30 million from $33 million. The company will retain its operating demand loan of $7 million to give it a total $37 million bank credit facility.
The Company purchased 6,400 acres of additional land on its heavy oil play at Hatton in SW Saskatchewan at the June 4th, 2012 Crown landsale. It plans to drill one exploration well on these lands in 2012.
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by RTT Staff Writer
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