The Canada-based company sold the interest in the well for a cash payment and a gross overriding royalty (GOR) of 12%.
The well was a test well for a farm-in deal between UHO and MEC Operating Co and the subsequent disposal of the interest in the well also included the termination of a previously existing farm-in deal.
UHO CEO Arthur Halleran said disposing of the Wabamum interest puts capital back into UHO and the GOR will push the company closer to being cash flow positive.
