03:52 PM EST - Bayou Bend Petroleum Ltd. : said that it has agreed to sell substantially all of its U.S. oil and gas properties to Dynamic Offshore Resources LLC for $12.5 million U.S., payable in cash upon closing of the transaction. In addition, a deferred payment of up to $8.0 million U.S. may be made on April 1, 2011, based upon the increase in proved oil and gas reserves attributable to the purchased interests as at December 31, 2010 above a specified threshold, at a rate of $0.20 U.S. per Mcfe. Bayou Bend plans to hold a special meeting of shareholders to approve the transaction and related matters on May 22, 2009. Upon receipt of all approvals, the transaction is expected to close by the end of May 2009, with an effective date of April 1, 2009. Bayou Bend Petroleum Ltd.
shares V.BBP are trading even at $0.22.
