At closing, the company received a cash payment of $30.7 million, the net amount after deducting the $1.8 million down payment previously received from Cinco and $3.5 million of costs owed by the company that were to be paid directly to the operator of DDJET at the closing.
Richard Dole, president and CEO of Petrosearch, said: We are pleased with the completion of the DDJET sales process and with the premium value we received for our interest. The sale leaves the company with a strong balance sheet, which allows us to focus on the development of the water flood project while still continuing to aggressively pursue strategic alternatives for the company that will create value for the shareholders.
