Petrosearch Energy to close Barnett Shale Project Sale
Petrosearch Energy Corporation told the press that its wholly owned subsidiary, Barnett Petrosearch L.L.C., has closed on the sale of its 5.54455% limited partnership interest in DDJET Limited LLP (“DDJET”) to Cinco County Barnett Shale LLC (“Cinco”), one of the other two partners in DDJET, for a cash purchase price of $36,000,000. At closing the Company received a cash payment of $30,729,008, the net amount after deducting the $1,800,000 down payment previously received from Cinco and $3,470,992 of costs owed by the Company which were to be paid directly to the Operator of DDJET at the closing.
Richard Dole, President and CEO of Petrosearch, said that We are pleased with the completion of the DDJET sales process and with the premium value we received for our interest. The sale leaves the Company with a strong balance sheet, which allows us to focus on the development of the water flood project while still continuing to aggressively pursue strategic alternatives for the Company that will create value for the shareholders.
Petrosearch Energy Corporation, a Nevada corporation with executive offices in Houston, Texas, is a resource based energy company with activities focused on water flood project in the Anadarko basin of the North Texas Panhandle.
Petrosearch Energy Corporation Investor Relations, 713-334-5123 IRC@petrosearch.com or Piedmont IR, LLC Keith Fetter or Darren Bankston, 678-455-3696
Source: Petrosearch Energy Corporation