Border Announces Quarterly Financials

Source Press Release
Company Border Petroleum Limited 
Tags Asset Deals, Deals, Upstream Activities
Date February 27, 2014

Border Petroleum Corp. (TSX VENTURE:BOR)   "(Border" or the "Corporation") announces that its December 31, 2013 unaudited condensed consolidated interim financial statements and management's discussion & analysis ("MD&A") have been filed on SEDAR on February 27, 2014 and can be viewed at   www.sedar.com.

The Corporation also advises that:

  • It has finalized the acquisition of a section of land, one shut in well capable of production and a 6.5 km access road in the Red Earth area (the "Assets") from an oil and gas company that was in receivership (the "Vendor"). Border acquired the Assets as a result of having acquired the secured debt of a creditor of the Vendor. The secured debt was acquired in January 2011 for a purchase price of $550,000. The Assets were transferred for a stated amount of $943,192 after giving effect to accrued interest on the secured debt.
  • It has entered into a Purchase and Sale Agreement to divest certain of its Leduc assets for proceeds of $1.8 million. Closing is expected within 90 days as a result of a condition precedent that the Purchaser completes the necessary Alberta Energy Regulator well licence transfers. This disposition by Border remains subject to approval of the TSX Venture Exchange.
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