CALGARY, Alberta, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce the closing of the previously announced asset sale (the “Asset Sale”) of a 75% working interest in 11,280 gross acres (8,460 net acres) in the northeast British Columbia Montney for cash consideration of $45 million.
The Asset Sale acreage totals approximately 4% of Painted Pony’s total Montney acreage prior to closing. As at closing and net of the cash proceeds from the Asset Sale, Painted Pony’s bank debt is estimated to be $120 million on a $375 million syndicated credit facility.
DEFINITIONS AND ADVISORIES
Currency: All amounts referred to in this press release are stated in Canadian dollars unless otherwise specified.
ABOUT PAINTED PONY
Painted Pony is a publicly-traded natural gas company based in Western Canada. The Corporation is focused on the development of natural gas and natural gas liquids from the Montney formation in northeast British Columbia. Painted Pony's common shares trade on the TSX under the symbol "PONY".
Patrick R. Ward
President and Chief Executive Officer
Stuart W. Jaggard
Chief Financial Officer
Director, Investor Relations
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