11:32 AM EST - Crocotta Energy Inc. : announced that it has agreed to sell various non-core properties for $33 million. Production from these assets totaled about 880 boepd. Crocotta reasonably expects that the sales of these assets will reduce its proved reserves by approximately 1.83 million boe and reduce its proved plus probable reserves by about 2.49 million boe. The sales are comprised of seven separate transactions that are anticipated to be substantially completed by January 31, 2010. Crocotta has also signed a new bank credit facility for $58 million and an extension to its existing bridge credit facility to early February 2010. Once all of the asset sales are completed, Crocotta will have about $50 million net debt and will have retired the bridge facility. Crocotta Energy Inc.
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