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Point Loma Resources closes sale of non-core gas asset

Point Loma told investors that it was reviewing and monetizing certain additional non-core assets
Point Loma has completed the disposal

Point Loma Resources Ltd (CVE:PLX) says it has closed the sale of a non-core gas property interest, realising $350,000 net in cash.

Calgary-based oiler Point Loma and its joint venture partner Salt Bush Energy have closed the agreement to sell interests in the site, which produces around 40 boepd (barrels of oil equivalent per day - at 80% natural gas, 20% NGL (natural gas liquids).

READ: Point Loma Resources starts drilling at Rex horizontal well, eyes significant boost to output

Point Loma told investors that it was reviewing and monetizing certain additional non-core assets to unlock further value across its large 250 net section land position in west central Alberta.

The sale price for this non-core gas weighted property is $500,000, with $350,000 net to Point Loma.

The effective date of the disposal was June 1 this year.

"This non-core disposition continues to rationalize and focus Point Loma's core area while adding to general corporate revenues," said Terry Meek, President and CEO of Point Loma.

"Point Loma and its joint venture partner are committed to optimizing operations to further reduce costs and increase netbacks."

Point Loma controls more than 160,000 net acres and has a broad inventory of oil opportunities in the Mannville (Upper and Lower), Banff, Nordegg, and Duvernay Shale formations in Alberta.

Shares in Toronto were unchanged at $0.22.

Contact Giles Gwinnett at [email protected]

Follow Giles on Twitter @Gile74

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