By OGJ editors
HOUSTON, Sept. 30 – Pavillion Energy Corp., Richmond, BC, will purchase Maidstone and Lashburn heavy oil fields near Lloydminster, Sask., from Petrostar Petroleum Corp., Victoria, BC, for $1.3 million (Can.).
Closing is set for Oct. 15. Petrostar said the divestment will allow it to focus on developing the company’s Bakken properties in Southeast Saskatchewan and Southwest Manitoba, where management sees the most future potential.
Proceeds of the sale will be used to further develop current holdings in the Bakken properties, look for other possible land acquisition or farm-in opportunities, and retire debt.