Milagro Energy Inc.
TSX : MIG

Milagro Energy Inc.

January 11, 2007 11:26 ET

Milagro Energy Inc. Announces Results of Asset Disposition Program

CALGARY, ALBERTA--(CCNMatthews - Jan. 11, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Milagro Energy Inc. (TSX:MIG) ("Milagro") or ("the Company"), is pleased to announce that since the start of the non core asset disposition program, the Company has closed 11 transactions which encompassed 17 non core properties. The net sale proceeds are $4.2 million and the company has sold 68 BOE per day of production plus some non core undeveloped lands. The funds have been used to reduce debt and Milagro has repaid $3.15 million of funds to its principle lender.

Milagro is an exploration and production company engaged in the acquisition, exploration, development and production of oil and natural gas reserves in western Canada.

Contact Information

  • Milagro Energy Inc.
    Jeffrey Rekunyk
    CEO
    (403) 693-4006
    or
    Milagro Energy Inc.
    Brad Haack
    CFO
    (403) 693-4007
    Website: www.milagroenergy.com