CONOCOPHILLIPS LEAVING VIKING

Pine Cliff Energy Ltd. of Calgary announced last week that it has purchased natural gas weighted assets in the Viking and Ghost Pine areas from ConocoPhillips for a cash consideration of $185 million, prior to any closing adjustments.

Philip B. Hodge, President and CEO of Pine Cliff Energy Ltd. said in a telephone interview with the Weekly Review that while a purchase sale agreement has been signed, there is still a slight possibility that the deal could fail to close.

A news release regarding the purchase says that the asset purchase and sale agreement related to the acquisition, although binding between the parties, is subject to various standard conditions, including title review, rights of first refusal and regulatory approvals.

No assurances can be given that the acquisition will be completed as proposed or at all.

For more see the Nov. 17/15 Weekly Review