Provident Energy Trust (PVE_U.TO) (PVX) said Wednesday that it has completed the sale of its oil and natural gas assets in Southeast and Southwest Saskatchewan for cash consideration of C$226 million including closing adjustments.
Also, Provident has closed the sale of a minor property in the Lloydminster area of Alberta for C$13 million. Current production from the Dolcy property is about 350 barrels of oil equivalent per day. Proceeds from both transactions will be applied to Provident's revolving term credit facility.
As a result of the sale of these non-strategic assets coupled with the decline in commodity prices, Provident's term credit facility is expected to be adjusted downward by C$75 million to C$1,050 million effective October 1, 2009. After application of sale proceeds, Provident has approximately C$350 million drawn against its term credit facility.
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