By the OGJ Online Staff
HOUSTON, Mar. 1�Promax Energy Inc., Calgary, announced an $8 million (Can.) sale and leaseback of a gas processing plant to Enstar Financial Corp., Calgary, in an arrangement geared to finance Promax�s gas drilling program in southeast Alberta.
The sale includes compressor facilities, gathering lines, and associated production equipment in Cessford, Alta. Terms call for Promax to continue operating the facilities and equipment.
At the end of the 5-year lease agreement, Promax has the option of buying the equipment back for $2 million (Can.) or negotiating a new operating lease.
�I can make more money right now drilling wells than I can processing gas,� Alexander T. Lemmens, Promax Energy president, chairman and CEO, told OGJ Online.
Promax is an exploration and production company focusing primarily on gas in the Cessford area. It owns or controls 250 sections of leases and operates 115 km of gas gathering system.