CYGAM Energy Announces Sale of Canadian Producing Properties
CYGAM Energy Inc. (CYG.V), which closed Thursday at a year low 28 cents last night announced that it has closed the sale of CYGAM's interests in a package of producing properties located in Alberta, to R.S.L. Resources Ltd., a private company.
"The finalization and execution of this asset sale concludes a planned divestiture that creates additional, long-term shareholder value by permitting CYGAM's management to focus on its international activities in the Mediterranean region," said Gary Hyde, CEO of CYGAM, in a statement.
Under the terms of the agreement, CYGAM received $1 million cash. RSL Resources will acquire approximately 23 boepd in production from CYGAM's interests in oil and gas properties effective July 1st, 2011. All of the properties are located in Alberta and represents all of CYGAM's Canadian properties to which 110,594 boe of Proved and Probable reserves had been attributed as of December 31, 2010.
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