10:05 AM EST - Pacific Northern Gas Ltd. : announced today that it has agreed to sell its 50 percent interest in the Pacific Trail Pipelines Limited Partnership (PTP) for $50 million. The transaction has two parts, with the first payment consisting of $30 million that PNG will receive on closing and a second payment of $20 million which PNG will receive when the purchasers decide to proceed with construction of the Kitimat liquefied natural gas (LNG) facility. The transaction, which is subject to standard industry conditions and consents, is scheduled to close by the end of February 2011. Pacific Northern Gas Ltd.
shares T.PNG are trading up $0.50 at $30.50.
