Stonehorse Energy Limited (ASX: SHE) has announced the successful completion of the sale of its US oil and gas interests, previously held under Lone Star Exploration & Production, Inc. The divestment, executed with Brookside Energy Limited, involved a total consideration comprising approximately US$1.114 million in cash, coupled with the transfer of 7.5 million shares in Stonehorse Energy Limited that were held by Brookside. Stonehorse Energy Limited is an Australian-based exploration and production company focused on onshore oil and gas in Canada and the United States. Its primary objective is to build a portfolio of high-quality well bore assets with working interest percentages reflecting its risk appetite and capital availability.
Following the transaction, Stonehorse Energy confirmed its intention to evaluate and consider disposing of the 7.5 million shares transferred from Brookside Energy. The company aims to complete this process as soon as it is practicable, indicating a move to optimise its capital position and shareholder structure post-sale. This strategic adjustment marks a notable change in Stonehorse Energy’s asset portfolio.
The company underscored the timely nature of this sale, noting its direct alignment with Stonehorse Energy’s broader ambition to significantly expand its footprint within the Drumheller development program. This key initiative is centred in the Drumheller Area, situated near Calgary, Alberta, Canada. By divesting its US assets, Stonehorse Energy is strategically positioning itself to further allocate resources towards its Canadian growth objectives. The company assured investors it would provide additional updates on the progress and development of the Drumheller program in due course, reflecting a concentrated focus on its evolving operational strategy.
