Bayou Bend Petroleum says that the sale of substantially all of its U.S. oil and gas properties to Dynamic Offshore Resources, LLC has closed. The consideration received pursuant to the transaction was US $12.5 million. An additional payment of up to US $8.0 million may be made on April 1, 2011, based upon the increase in proved oil and gas reserves attributable to the purchased interests as at December 31, 2010 above a specified threshold, at a rate of US $0.20 per Mcfe.

At a special meeting of shareholders held on May 22, 2009, Bayou Bend's shareholders voted 99.06% in favour of the transaction and all regulatory approvals have been received.

Keith Hill, President of Bayou Bend, commented, "Bayou Bend now has a clear advantage in these currently challenging markets and is positioned to pursue the wealth of distressed, undervalued resource opportunities available. We are currently exploring several potential projects within the resource industry and look forward to the future successes of the Company."

Tags: Bayou Bend Petroleum Ltd.