Trafina energy terminates sale agreement for Saskatchewan properties

CALGARY - Trafina Energy Ltd. has cancelled the sale of two of its properties in southwest Saskatchewan after an unnamed buyer failed to make a payment.

The Calgary-based junior oil and gas company (TSXV:TFA.A) says it has terminated the agreement relating to its Rangeview and Divide assets after the buyer failed to pay a $50,000 non-refundable deposit by January 18.

Trafina says the buyer did, however, pay an initial $75,000 non-refundable deposit and continues to show interest in the Saskatchewan properties, which makes a future sale agreement a possibility.

The two Trafina properties are currently producing approximately 70 barrels of oil per day, in addition to some minor gas production.