Daylight Energy Ltd. has completed its sale of certain non-core heavy oil and natural gas assets in Eastern Alberta to privately held Gear Energy for $125 million, consisting of $100 million in cash and $25 million in equity.
After application of the cash proceeds from this sale, Daylight will have approximately $300 million drawn against its credit facility.
Daylight is revising its production guidance to 42,000 to 43,000 boe per day for 2010, with an exit rate of approximately 45,000 boe per day to reflect the closing of the non-core asset sale. It is anticipated that Daylight's leverage to oil and natural gas liquids will be approximately 45% for the remainder of 2010.
