Crocotta Energy Inc.

Crocotta Energy Inc.

November 08, 2010 17:07 ET

Crocotta Energy Announces Closing of Previously Announced Sale of Properties

CALGARY, ALBERTA--(Marketwire - Nov. 8, 2010) - Crocotta Energy Inc. ("Crocotta") (TSX:CTA) is pleased to announce that it has closed its $30 million sale of certain assets (the "Assets") in Pembina, Niton and Chip Lake. Crocotta estimates current net production to be approximately 2,100 boepd comprised of approximately 1/3 light oil and natural gas liquids and 2/3 natural gas.

Crocotta has also established a $55 million revolving demand loan credit facility after giving effect to the sale of the Assets. Crocotta's current net debt is approximately $27 million.

BOE Conversions

BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Contact Information

  • Crocotta Energy Inc.
    Robert Zakresky
    President and Chief Executive Officer
    (403) 538-3736
    Crocotta Energy Inc.
    Nolan Chicoine
    Vice President, Finance and Chief Financial Officer
    (403) 538-3738
    Crocotta Energy Inc.
    700, 639 -5th Ave SW
    Calgary, Alberta T2P 0M9
    (403) 538-3737
    (403) 538-3735 (FAX)