Rig Move Assets Sold As Petrowest Energy Reports Lower Results

摘要

Petrowest Energy Services Trust has completed the sale of the under-performing rig mobilization and demobilization assets of its transportation segment for cash proceeds of $10 million. As this is an asset transaction, Petrowest will retain all of the accounts receivable and accounts payable, estimated at approximately $800,000 of positive working capital. Proceeds from the sale will be used to reduce revolving bank debt and allow management to focus available resources on more profitable segments of Petrowest.