LNG Energy Ltd. announced that further to its news release of April 13, 2011, its wholly owned subsidiary, BWB Exploration LLC, has completed the sale all of its working interest in approximately 2,900 net acres of oil and gas lease holdings in Carter County, Oklahoma to an undisclosed buyer for US$5,207,000 in cash at closing.
“ The successful completion of this sale fulfills our commitment to monetize our Oklahoma assets in the first half of 2011 and allows us to focus on our core areas in Poland and Papua New Guinea .” commented Dave Afseth, President & CEO of LNG . “ With exposure to more than 327,000 net acres in Poland and 5.5 million net acres in Papua New Guinea, we have substantial upside potential in these areas and we have taken the opportunity to use the Oklahoma proceeds to move these areas forward .”
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Source: LNG Energy, May 4, 2011;