Enterprise Energy Resources Ltd. (Enterprise or the Company) is pleased to announce that its wholly owned US subsidiary, Evolution Oil Group, LLC (Evolution) has completed the sale of a portion of Evolution's oil and gas leases in the Williston Basin, Montana to an arm's length third party (the Purchaser) and all proceeds have been received by the Company.
Evolution sold a 100% working interest (80% net revenue interest) in approximately 15,971 net mineral acres or 53% of Evolution's current holdings to the Purchaser, for approximately US$19,037,000. Evolution retains a 100% working interest (80% net revenue interest) in approximately 14,000 net mineral acres.
"We are delighted to have completed the sale and substantially replenished the Company's cash resources" commented Geoff Carrington, President and CEO of Enterprise. "Over recent months, we have seen a steady increase in unconventional oil activity in Northeast Montana, which continues to support the Company's view of regional geology. This activity includes the announcement by Apache Corporation on June 14, 2012 that the group has assembled a 300,000 net acre position in Daniels County, Montana, immediately west of Enterprise's existing acreage."
