12:12 PM EST - ProspEx Resources Ltd. : Announced it has entered into an agreement with a private company to sell certain undeveloped mineral rights in the Brazeau area in West Central Alberta for $8.1 million in cash proceeds. Closing is expected to occur in late December 2010. The mineral rights to be sold consist of 6,240 gross acres (4,954 net acres) of rights to shallower zones in Brazeau, including the Cardium rights. ProspEx had no near term plans to drill the Cardium or other shallow formations included in the disposition. The rights to the deeper formations, including the rights to the Notikewin formation which the Company has recently targeted with horizontal drilling, are not included in the sale. There are no wells, production or reserves associated with the transaction. ProspEx Resources Ltd.
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