PE-backed Shoreline Energy sells royalty interests to PrairieSky
Shoreline Energy Corp (TSX: SEQ) has agreed to sell royalty interests in its Canadian land base to PrairieSky Royalty Ltd (TSX: PSK) for $9 million. The transaction, which is expected to close in August, will improve Shoreline’s balance sheet and allow it to reduce debt. Based in Calgary, the company engages in the exploration, development and production of petroleum and natural gas. Last October, Shoreline entered into a joint venture with U.S. private equity firm Acceleration Resources that includes plans for a long-term investment in the company's Niobrara assets in Colorado. Shoreline recently announced it is undertaking a strategic alternatives process.
25 July 2014•3 mins read
