Strike Energy (ASX:STX) has made progress with selling its remaining production assets in the US. It entered an agreement with Rockport Permian LLC to sell its 25%interest in the MB Clearfork Project in Texas. Strike Energy will receive US$175,000 for this sale.
The company has also agreed to sell its 40% stake in its remaining Wilcox formation production unit in Texas (a gas-condensate well) – but has not said for how much.
Both transactions are expected to close in mid-January. After that, Strike Energy will no longer hold any production or exploration assets in the US.
The company expects its current debt to be reduced by US$2.4 million following this transaction.
Strike Energy reported a net profit of $4.3 million at 30 June 2016.