December 6, 2016 / 1:17 PM / in 10 months

BRIEF-Pine Cliff Energy says $31.4 mln disposition of non-core oil assets

Dec 6 (Reuters) - Pine Cliff Energy Ltd -

* Deal of $31.4 million consists of about $26.4 million in cash and approximately $5.0 million in TSX-listed common shares of purchaser

* Sold oil assets include about 500 boe/day of production weighted 94 pct to oil located in Viking area of central Alberta

* Net proceeds from sale of oil asset will be used to pay down Pine Cliff’s bank indebtedness

* Pine Cliff anticipates that it will decrease its credit facility as a result of the oil asset sale

* Pine Cliff Energy Ltd announces $31.4 million disposition of non-core oil assets and management update Source text for Eikon: Further company coverage:

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