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Oct 17 (Reuters) - Chinook Energy Inc
* Chinook Energy announces proposed distribution of shares of Craft Oil Ltd to Chinook shareholders and provides update in respect of Craft Oil Ltd.
* Says will undertake a plan of arrangement to effect distribution of all of common shares of Craft Oil Ltd
* Chinook Energy-its unit craft, has entered into a purchase and sale agreement to sell certain Alberta properties for gross proceeds of $13.5 million Source text for Eikon: Further company coverage: