09:53 AM EST - Twin Butte Energy Ltd. : said that it has either closed or has signed definitive agreements to divest a number of noncore producing and nonproducing assets for proceeds of $13.3 million, subject to standard closing adjustments. Twin Butte's corporate production will be reduced by about 280 boe/d, to its post disposition January 01, 2010 level of 6,200 boe/d. Twin Butte estimates net debt, pro forma the dispositions to be about $99 million, providing additional financial flexibility to proceed with its 2010 capital program. The company said its board has recently approved a 2010 capital program of $38 million. For 2010, the company expects to produce 6,400 boe/d to 6,500 boe/d. Cash flow is estimated to be in the range of $0.36 to $0.38 per share. Twin Butte Energy Ltd.
shares T.TBE are trading up $0.06 at $1.03.
