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Emerald Oil to sell non-operated assets to Angelus Private Equity

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Staff writer ▼ | December 28, 2015
Emerald Oil and two of its wholly owned subsidiaries entered into an agreement with Angelus Private Equity Group pursuant to which Angelus will acquire a portion of the company's undeveloped leaseholds in Montana and North Dakota.
Emerald Oil
Selling   Leaseholds consist of approximately 9,750 net acres
Leaseholds consist of approximately 9,750 net acres, as well as certain production from non-operated wells, for approximately $9.75 million.

The purchase price is subject to customary adjustments and other closing conditions typical for a transaction of this type, including downward adjustments for title and environmental defects under certain circumstances.

The company intends to use all proceeds to repay outstanding borrowings under the company's revolving credit facility.