CALGARY, March 30 /CNW/ - Wrangler West Energy Corp. ("Wrangler West", the "Company") (TSX-V "WX") announces the sale of certain non-operated natural gas assets in the Craigmyle, Michichi, Watts and Wildunn areas of Alberta (the "Assets") for $3.6 million.
The disposition of these mature producing assets is effective February 1, 2010 and the transaction closed on March 29, 2010. Wrangler West's production associated with these non-operated assets was approximately 140 boe/d. Proceeds from the sale of these properties will strengthen the Company's balance sheet and provide capital to pursue 2010 exploration and development initiatives. Successful first quarter drilling has added new reserves and Wrangler West expects new production, which is awaiting tie-in, will offset this disposition.
Wrangler West is a Canadian junior oil and natural gas producer which builds production and assets through exploration in Alberta. Since inception, our mandate has been to use the drill bit to add shareholder value. We expect disciplined management of our operations and production portfolio will create sufficient funds flow to support ongoing operations. Wrangler West will continue to reinvest funds flow from operations and other available capital with the objective of to protecting and adding future value. Wrangler West trades on the TSX Venture Exchange under the symbol "WX".
The TSX Venture Exchange has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this press release.
SOURCE Wrangler West Energy Corp.
For further information: For further information: Wrangler West Energy Corp., telephone: (403) 290-6800, Steven F. Johnson, President and Chief Executive Officer, Steve@wranglerwest.ca