Sonde Resources Corp. Completes Sale of Alberta Undeveloped Acreage
CALGARY, ALBERTA - Sonde Resources Corp. ("Sonde" or the "Company") (TSX:SOQ) (NYSE Amex:SOQ) announced today that it has completed the sale of 26,240 gross undeveloped acres (24,383 net acres) in its Kaybob Duvernay play in Alberta for aggregate proceeds of $75 million. The sale will result in a net gain of approximately $73 million. Sonde will have approximately $54 million after the repayment of our outstanding credit facility. The net proceeds from this sale will be used to focus on Sonde's Western Canada and North African strategy and for other corporate purposes. Sonde continues to own approximately 39,000 net undeveloped acres in Duvernay and Montney oil plays, in the Ante Creek and Bezanson area.
Jack Schanck, Sonde's CEO stated, "This sale provides Sonde with the flexibility to advance our capital programs across the company. We are particularly focused on how to best deploy the proceeds given the demonstrated expertise in the early identification of high potential areas as demonstrated by this sale."
Sonde Resources Corp. is a Calgary, Alberta, Canada based energy company engaged in the exploration and production of oil and natural gas. Its operations are located in Western Canada and offshore North Africa. See Sonde's website at www.sonderesources.com to review further detail on Sonde's operations.
(Marketwire - Feb. 8, 2012)
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