WestFire Energy Ltd Announces Sale Of Viking Interests Located In Plato / Dodsland / Lucky Hills Areas Of Saskatchewan

WestFire Energy Ltd announced that it has signed a definitive purchase and sale agreement (the Agreement) to sell certain non-core assets for total cash proceeds of approximately $180 million, before any closing adjustments. The non-core assets include the Company's Viking interests located in the Plato / Dodsland / Lucky Hills areas of Saskatchewan. These assets are currently producing approximately 1,900 boe per day (1,800 barrels per day of crude oil and 600 mcf per day of natural gas, based on field estimates). Subject to receipt of all regulatory approvals, the sale is expected to close on or about December 14, 2012. The proceeds from the sale will be used to reduce indebtedness.