09:43 AM EST - Twoco Petroleums Ltd. : has entered into an arm's length definitive agreement to sell four per cent of its petroleum and natural gas assets for cash consideration of $2.2 million to Poplar Creek Resources Inc. Pursuant to the Agreement, Poplar Creek will have the right to acquire up to an additional 16 per cent of Twoco's assets on similar terms and conditions. The assets initially being sold pursuant to the Agreement represent a four-per-cent interest in all of Twoco's existing wells, production, petroleum and natural gas rights, facilities and seismic and which four-per-cent interest is currently capable of producing about 60 boe per day. The initial sale of the assets is effective July 1 and is expected to close on or about July 15. The purchase price of $2.2 million and further amounts that may be received if Poplar Creek elects to acquire additional interests in Twoco's assets will be used by Twoco to drill the wells under the farm-in arrangement and for general corporate purposes. Twoco Petroleums Ltd.
shares T.TWO are trading even at $0.81.
