NiMin Energy is selling its San Joaquin Valley assets for $27 million, inching closer to the dissolution of the company.
The news comes after NiMin, an independent oil and gas firm based in Carpinteria, said earlier this week that it is selling its Wyoming assets for $98 million and dissolving the company. For the past several months, the company’s leaders have been evaluating its options as the share price sank to value the company at less than its assets were worth.
The money from the two sales will be used to pay down NiMin’s debts, which are at about $55 million. After that, the remaining $70 million will be distributed to shareholders, the company said.