Pond Technologies Holdings has closed a deal with Grizzly Resources to divest its petroleum and natural gas assets in the Pembina Area, Alberta, in Canada.
The transaction saw Grizzly assuming all abandonment and reclamation liabilities pertaining to the assets.
The company will also make future conditional payment of up to $2.25m to Pond, subject to the assets’ sale and/or upon the resumption of production.
The deal is part of Pond’s efforts to continue on its aggressive growth path.
Pond president and CEO Grant Smith said: “This agreement allows Pond to clean up its balance sheet, by removing the liability surrounding the legacy oil and gas assets included within the initial go public transaction.
“As a company focused on addressing growing sustainability challenges, we are excited to look to the future and with this transaction behind us, we can do just that. Our sphere of opportunity is global, and we have many initiatives underway which we are excited to announce in the coming months.”
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By GlobalDataGrizzly is engaged in developing conventional light oil plays in the Western Canadian Sedimentary Basin.
It focuses on assets that have low development cost with quantifiable secondary recovery opportunities.
The firm is implementing horizontal technology to develop conventional reservoirs for efficient deployment of water flood in a bid to maximise reserve recovery.
Technology company Pond provides solutions to address the health and wellness challenges of climate change and nutrition.
