LNG Energy Ltd. announced that its wholly owned subsidiary, BWB Exploration LLC, has entered into an agreement to sell all of its working interest in approximately 2,800 net acres of oil and gas lease holdings in Carter County, Oklahoma to an undisclosed buyer for approximately US$5,180,000 in cash subject to final adjustments. The sale is expected to close on or before May 2, 2011.
“ We continue to focus on our core areas in Poland and Papua New Guinea. This disposition follows our recent acquisition in Poland where we acquired about 180,000 net acres and now have exposure to a 1.1 million acre gross position in the Polish Baltic Basin ,” commented Dave Afseth, President & CEO of LNG .
Poland Operational Update
The second well being drilled, Lebork S-1 on the Slupsk Concession has been drilled to 3,517m, with 227m of open hole core already taken. It is anticipated that the drilling and logging will be completed in the next week. The core will be analyzed over the coming weeks. The majority of the analyses of the sidewall cores from the Wytowno S-1 well are expected to be received back from the subcontractor in May 2011. The 1st well on the Starogard concession is expected to be spudded in June 2011.
[mappress]
Source: LNG Energy, April 13, 2011;