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.

Read More

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: