The sale was the third and final transaction between the two Calgary-based companies, which combined for gross proceeds of $78 million. The first stage was completed in Decemeber 2012, and included Montney assets in Monias and Groundbirch for $22 million, and the second was completed in February 2013 and included Montney assets located in Stoddart, Eagle and Attachie for $20 million. 

The proceeds will go towards paying down Terra Energy’s net debt, which is currently estimated at approximately $20 million following the closing of this deal.