NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
CALGARY, Alberta, March 29, 2018 (GLOBE NEWSWIRE) -- Petrocapita Income Trust (CSE:PCE.UN) (“Petrocapita” or the “Trust”) announces the signing of a non-binding letter of intent with a third party to sell certain mid-stream assets. Proceeds from the sale of the mid-stream assets will be used to finance on-going oil and gas operations, future acquisitions and to reduce debt.
Petrocapita Income Trust is a Specified Investment Flow Through trust developing and acquiring heavy oil production and infrastructure assets in the Lloydminster area of east central Alberta and west central Saskatchewan through its wholly owned subsidiary, Petrocapita Energy Corp. Petrocapita owns and/or operates 445 gross (426.3 net) oil wells, 91 gross (22 net) gas wells, 19 produced water disposal facilities, 3 custom oil processing facilities, 4 natural gas compressor stations, 127.25 km in pipelines, oil well service rigs, fluid haul tractors and trailers, and well site processing equipment. It is seeking accretive opportunities to acquire both oil production and complimentary midstream assets during a cyclical low in the oil and gas markets.
For further information, please contact:
Richard Mellis, President
Telephone: (587) 393-3460
Steve Elliott, Investor Relations
Telephone: (587) 700-8408
Source:Petrocapita Income Trust