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NiMin Energy to dissolve

By   /   Wednesday, April 25th, 2012  /   Comments Off on NiMin Energy to dissolve

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NiMin Energy, a small independent oil and gas firm based in Caprinteria, is selling its Wyoming assets for $98 million and dissolving itself.

The company, which is traded on the Toronto Stock Exchange, is also in talks to sell its San Joaquin Valley assets in California. The company said the money will be used to pay off its debts and other liabilities, which stand at about $55 million.

“Prior to the announcement of our strategic review, there was a significant gap between our underlying assets and our share price,” NiMin CEO Clancy Cottman said in a press release.

The Wyoming assets are being sold to a unit of BreitBurn Energy. The sale still needs shareholder approval.

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