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Compass Petroleum Sells Alberta Assets for $29.5M; Sole Focus on Saskatchewan Plays

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Compass Petroleum Ltd. (CPO.V) is selling all of its oil and natural gas assets in the Grand Forks, Vilna, Lacombe, Craigend, Valhalla and Grassland areas of Alberta to an unidentified private company for $29.5 million.

According to Compass, daily production by the assets averaged 348 barrels of oil, 823 million cubic feet of natural gas and 3 barrels of natural gas liquids.

If the sale goes through as planned, Compass no longer will own any property or working interests in Alberta and will instead focus solely on its Viking light-oil resource play in Saskatchewan. The company also said the deal will pay off all of its bank debt and leave the firm with about $15.8 million in net cash.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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