Bankers Petroleum completes sale of 27 pct stake in Palo Duro basin |
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Tue, 29 May 2007 09:48
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LONDON (Thomson Financial) - Bankers Petroleum Ltd said it has closed the sale of a 27 pct interest in its 375,000 net acres in the Palo Duro basin, Texas, for 19.5 mln usd to the US unit of Palo Duro Energy Inc, formerly Centillion Industries Inc.The Canadian oil and gas exploration company said it received 15.0 mln usd in cash and the remainder in units of Centillion, comprising one share and one-half warrants, totaling about 15.2 mln shares and 7.6 share purchase warrants of Palo Duro Energy.Bankers Petroleum said it will use the cash received from the sale to fund its 2007 US capital programme.TFN.newsdesk@thomson.comrda/faj/rfwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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