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The Canadian Press - ONLINE EDITION
PetroBakken Energy to sell 2.2 per cent stake in Weyburn, Sask. unit for $105M
CALGARY - PetroBakken Energy Ltd. (TSX:PBN) says it has agreed to sell the working interest in its southeast Saskatchewan Weyburn unit for $105 million.
The company said the 2.2 per cent interest in the unit amounts to production of 580 barrels of oil equivalent per day.
PetroBakken has been looking at ways to shore up its sagging balance sheet. The Weyburn unit is considered a non-core asset and the transaction is expect to close by the end of February.
PetroBakken is majority owned by oil producer Petrobank Energy and Resources Ltd. (TSX:PBG). It produces light oil in Alberta's Cardium field and Saskatchewan's Bakken region.
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