Magnum Energy announces that closing of the previously announced transaction with Artisan Energy Corporation (Artisan) to sell Magnum's 50% working interest in the Provost area of Alberta (the "Provost Asset") for consideration of $5.6 million will not proceed.

Despite Magnum granting numerous extensions to the Closing Date, Artisan was unable to secure the financing necessary to close the transaction.

As per the terms of the Purchase and Sale Agreement between the respective companies, Artisan remains solely responsible for the November 30, 2013 interest payment to Magnum's debenture holders

Tags: Magnum Energy Inc.