CALGARY, Sept. 16, 2011 /CNW/ - Raimount Energy Inc. ("Raimount") is
pleased to announce that further to its news release of June 20, 2011
announcing the solicitation of Alberta Basin - Bakken development
proposals, it has completed the sale, with an effective date of
September 7, 2011, of its 50% interest in the deep petroleum and
natural gas rights (the "Deep Rights") in approximately 21,300 acres of
land in the Woolford area of Southwestern Alberta (the "Woolford
Assets") for $10.1 million in cash to a wholly-owned affiliate of Royal
Dutch Shell plc. The Deep Rights sold constitute all rights below the
top of the Mississippian formation of the Woolford Assets including the
"Alberta Bakken" formations (the Banff, the Exshaw and the Big
Valley). Raimount retains its 50% interest in the more shallow rights
constituting all rights above the top of the Mississippian formation
("Shallow Rights") of the Woolford Assets. RBC Rundle, a division of
RBC Capital Markets, was paid a commission fee of 2.5% in cash for
acting as agent in facilitating the sale.
Gregory Vavra, President of Raimount commented, "The successful
completion of this sale fulfills our objective to monetize the Deep
Rights in the Woolford area and allows Raimount to focus on exploring
and moving forward with our primary interest in the development of the
Shallow Rights in the Woolford Assets."
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Raimount Energy Inc.
For further information:
Raimount Energy Inc.
Gregory A. Vavra, President
403-265-6292 ext. 1