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UPDATE: Perpetual Energy Signs Purchase and Sale Agreement For Divestiture of Elmworth Property For $77.5 Mln

Perpetual Energy Inc. (PMT.TO), which fell 5% Tuesday, has recovered around half of those losses today as it announced further positive results from the corporation's ongoing asset disposition program. Perpetual has entered into a definitive purchase and sale agreement, along with its partner Tourmaline Oil Corp. (TOU.TO) - which is slightly lower today - to jointly divest its Elmworth, Alberta property for gross proceeds of $155 million, $77.5 million net to Perpetual, subject to certain closing adjustments and transaction costs. This transaction is currently expected to close on or prior to March 1, 2013.

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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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