BRIEF-Toro Oil & Gas divests non-core asset, terminates credit facility

Tue Oct 11, 2016 5:37am EDT
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Oct 11 (Reuters) - Toro Oil & Gas Ltd :

* Toro Oil & Gas Ltd announces non-core asset divestiture and provides corporate update

* Deal for $2.25 million

* Divestiture involves approximately 50 boe/d of production with associated company gross reserves of 214.1 mbbls as at December 31, 2015.

* Non-core divestiture is accretive to company's current valuation

* Has also received non-binding letters of intent for various other dispositions of non-core oil and gas and infrastructure assets

* Has terminated its operating credit facility with National Bank

* Total production protected from downward price volatility between now and end of 2016 is 200 bbls/d Source text for Eikon: Further company coverage: