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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (9915)	11/14/2014 9:39:12 AM
From: Goose94	Respond to of 202668

Shoreline Energy (SEQ-T) Nov 14, '14 is pleased to announce that it has closed the sale of its Wattenburg royalty interests for total proceeds of US$7.7 million (approximately $8.7 million Canadian Dollars based on current exchange rates). Shoreline intends to use the proceeds of this sale, combined with cash on hand, to repay the Corporation's three secured creditors including retirement of its royalty obligation, according to the terms of the previously disclosed forbearance agreements and inter-creditor agreement. This asset sale will reduce Shoreline's overall current production from 892 barrels or equivalent per day ("Boed") to 792 Boed based on field estimates, and improves monthly cash flow by approximately $40,000 as reduced debt service costs of $150,000 more than offsets reduced revenue of $110,000. Shoreline is also pleased to announce that it has entered into a purchase and sale agreement (the "Agreement") to sell its Wattenburg working interest assets for total net proceeds of US$4.1 million (approximately $4.65 million Canadian Dollars based on current exchange rates). The Agreement contains customary closing conditions and the transaction is expected to close in the month of November. The strategic alternatives process will continue to provide interested parties the opportunity to pursue transactions across Shoreline's suite of assets. The Corporation cautions that there are no assurances or guarantees that (i) the ongoing strategic alternatives process will result in additional transactions; (ii) if additional transactions are undertaken, the terms or timing of such transactions will be satisfactory to all stakeholdersThe Corporation will update the market upon material developments in the strategic alternatives process. Investor Information Shoreline is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation's common shares and convertible unsecured subordinated debentures are currently listed on the TSX under the trading symbols "SEQ" and "SEQ.DB", respectively. Additional information regarding Shoreline is available under the Corporation's profile at www.sedar.com or at the Corporation's website, www.shorelineenergy.ca. Mr. Trevor Folk Chief Executive Officer tfolk@shorelineenergy.ca Mr. Kevin Stromquist President & Chief Operating Officer kstromquist@shorelineenergy.ca (403) 767-9066 www.shorelineenergy.ca