About Arsenal Energy Inc.
In June 2016, Arsenal eliminated all of its bank borrowings through the sale of all of its US properties (May 2016) and two of its Canadian properties (June 2016) generating gross proceeds of approximately $54.0 million. Arsenal currently produces approximately 1,250 Boe per day of primarily medium grade crude from properties at Princess, Provost and Evi, all in Alberta.
In June 2016, Arsenal entered into an Arrangement Agreement with Lone Pine Resources Canada Ltd. to combine the two companies. The Special Meeting of Shareholders is scheduled for early September 2016.
June 28, 2016 – Arsenal Energy Inc. Announces Closing of Property Sales