Raimount Completes Sale of Non-Core Rights in Woolford Assets

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

Profil de l'entreprise

Raimount Energy Inc.

Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.