Dome Energy announces sale of its Illinois Basin assets, for net proceeds of $4m
Dome Energy AB (publ) (herein after “Dome” and/or “the Company”) announces sale of its Illinois Basin assets, for net proceeds of $4m.
Dome Energy is proud to announce that it has closed a sale of its assets in the Illinois Basin for cash proceeds of $4m. Dome will also receive a possible future contingent amount of $3m, if the assets production stabilizes above 1200 BOPD, and the price of WTI oil stays above $55 per barrel for a certain period of time. This potential additional payment expires 12/31/2023.
Paul Morch, CEO: “We have negotiated this transaction for almost a year now. There has been a lot of moving parts and elements out of our control delaying this process, but I am very happy to say that we closed a great deal for our shareholders in the end. We have been able to keep a lot of our reserve base, we still have proven values in our reserves close to $20m at $40 oil price per barrel after the sale. We are now eager to start planning development and work overs once we see oil prices a little higher.”
For further information, please contact:
Paul Morch, CEO
Phone: +1 713 385 4104
This information is the kind of information that Dome Energy AB (publ) is obliged to publicize according to EU Market Abuse Regulations (MAR). The information was publicized, by the above contact person April 1, 2020 00.15 CEST
About Dome Energy
Dome Energy AB. is an independent Oil & Gas Company publicly traded on Nasdaq First North Growth Market in Sweden (Ticker: DOME). Mangold Fondkommission AB, phone: +46 8 503 01 550, CA@mangold.se is the Company’s Certified Adviser. Headquartered in Houston, Texas, the Company’s focus is on the development and production of existing onshore Oil & Gas reserves in the United States. For more information visit www.domeenergy.com