JED Oil agrees to sell oil and gas assets for $4.07 million

By Caroline Salls

Pittsburgh, Dec. 10 - JED Oil Inc. has agreed to sell the oil and gas assets held by the company and wholly owned subsidiaries JED Production Inc. and JED Oil (USA) Inc. for a total purchase price of $4.07 million, according to a company news release.

Oil and gas assets located in the Ferrier and Wizard Lake area of Alberta will be purchased by a private Alberta oil and gas company, and a U.S. limited partnership operated by a wholly owned subsidiary of the Alberta company will buy assets located in the Pinedale area of Wyoming.

JED said the $4.07 million purchase price will include $2.82 million in cash and $1.25 million to be paid through the issuance of 550,000 common shares of the Alberta company.

Proceeds of the sale will be used as part of JED's reorganization under the Companies' Creditors Arrangement Act (Canada).

Closing is subject to court approval and is required to occur before the end of the year.

JED Oil is a Didsbury, Alta.-based oil and natural gas company.

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