JED Oil Inc. Completes the Sale of Non-Core Properties in East Ferrier.CALGARY, Alberta -- JED Oil Inc. (AMEX: JDO JDO - Java Data Object(s) JDO - Jewish Defense Organization) ("JED") today announced that it has completed the sale of its working interests in the East Ferrier area of Alberta for CDN $27,500,000. As previously announced, JED viewed East Ferrier as a non-core asset due to its limited drilling upside. The East Ferrier working interests that were sold by JED, produced approximately 480 boe/d and were obtained through a larger property swap and debt repayment with Enterra Energy Trust (NYSE: ENT) in September 2006. Boe's, or barrels of oil equivalent, may be misleading if used in isolation. A boe conversion ratio Conversion Ratio The number of common shares received at the time of conversion for each convertible security. It is calculated by using this formula: Notes: The higher the ratio, the higher the number of common shares exchanged per convertible security. of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. About JED Oil Inc. Established in September 2003, JED Oil Inc. is an oil and natural gas company that commenced operations in the second quarter of 2004 and develops and operates oil and natural gas properties principally in western Canada and the United States. |
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