Monday, Provident Energy Trust (PVX) announced the sale of Southeast and Southwest Saskatchewan Assets for $225 million, following its prior announcement on August 13, to dispose certain non-strategic oil and gas assets in Saskatchewan.
The sale, scheduled to close September 30, 2009 reflects transaction metrics of $61,710 per flowing boed and $22.06 per boe of P+P reserves. Proceeds will be reinvested in high-impact growth initiatives in both the Upstream and the Midstream business units. In the short term, the funds will be applied to Provident's revolving term credit facility. Provident will continue the disposition process for the remaining heavy oil assets in the Lloydminster operating area as announced on August 13, 2009.
"The sale of our Southeast and Southwest Saskatchewan assets monetizes the value created in two of our legacy properties and provides the flexibility needed to refocus our capital and technical resources on high-impact growth initiatives in both businesses. The successful disposition of these assets demonstrates our commitment to repositioning Provident for long term, value driven growth," said Tom Buchanan, President and Chief Executive Officer .
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