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Petrobank selling May River property for $225 million

Michael Allan McCrae | February 1, 2012 | 1:18 am Canada Europe

Petrobank Energy and Resources Ltd. (TSX: PBG) announced on Wednesday that it reached an agreement with Grizzly Oil Sands Ulc. to sell May River property.

The sale, which will include the Conklin demonstration project, will result in gross cash proceeds of $225 million.

“Proceeds from this transaction will initially be used to repay outstanding bank debt and will result in Petrobank having a significant positive cash and working capital balance,” said the company in a news release.