Junior energy stock pops on oil production sale
Petroflow Energy (TSX: T.PEF) shares climbed 33% to 32.5 cents on Monday after the oil and gas producer/explorer said it has sold its Permian Basin properties in Texas. The Texas Properties consist of 3640 gross and net developed acres. Petroflow had a 100% working interest in 14 producing oil wells on the Texas Properties that produced about 65 BOEs (390 McfGEs) per day of production. The sale had an effective date of December 1, 2009. Petroflow will use the gross cash proceeds of US$3.3 million from the sale to reduce its outstanding indebtedness under its Amended and Restated Credit Agreement.
