Northcote is pleased to announce that, in line with its strategy to dispose of certain non-core assets in its portfolio, it has sold its 100% working interest in the East Blackwell Skinner Sand Unit in Kay County, Oklahoma to a private party for US$75,000 in cash.

East Blackwell has historically contributed approximately 2 barrels of oil gross per day. Taken together with the cash flow received from the property during Northcote's ownership, the Company has approximately broken even on the investment.

Northcote Managing Director Randall J Connally said,'The disposal of East Blackwell is the continuation of our strategy to generate capital from non-core assets to focus on those properties in our portfolio that have high-impact potential and are capable of delivering excellent returns for our shareholders.'

Tags: Northcote Energy