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The sale of Equal Energy’s Halkirk, Alliance, Wainwright, and Clair assets (HAWC) along with all remaining Canadian non-producing assets has closed, the company reported.
Cash proceeds were CAN $15.4 million (US $15.6 million) compared to the CAN $17.4 million (US $17.7 million) reported earlier due to adjustments based on final due diligence conducted by the purchaser, according to the release. Equal will apply the proceeds to reduce the amount drawn on its bank credit facility to approximately CAN $55 million (US $55.8 million).
The HAWC disposition is the second step in Equal's ongoing strategic review process. Management and the special committee of the board of directors continue to review opportunities for the company’s remaining assets, the release said. Equal’s portfolio of assets now consists of the liquids rich natural gas asset in central Oklahoma, the Cardium light oil play in the Lochend area of Alberta and certain royalty interests in Canada.