Bayou Bend sells U.S. assets to Dynamic Offshore Resources

HOUSTON: Bayou Bend Petroleum Ltd. (TSX VENTURE: BBP) has signed a definitive agreement to sell substantially all of its U.S. oil and gas properties to Houston-based Dynamic Offshore Resources.

The purchase price for the transaction is US $12.5 million, payable in cash upon closing of the transaction.In addition, a deferred payment of up to US$8 million may be made on April 1, 2011, based upon the increase in proved oil and gas reserves attributable to the purchased interests as at Dec. 31, 2010 above a specified threshold, at a rate of US$0.20 per Mcfe.The transaction is subject to shareholder and regulatory approval. Canaccord Adams served as financial advisor to Bayou Bend in the evaluation of strategic alternatives.

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