Fairborne Energy is seeking to sell some of its assets in the province of north and west central Alberta to oil and gas exploration and production firm, Deethree Exploration. Calgary-based Fairborne will get a total of about $127 million from the sale. The transaction will likely reduce the debt of the seller by 38%. The proceeds from the sale will be used by Fiarborne to reduce its existing bank indebtedness. The sale, which is pending regulatory approval, is expected to close on or about March 22, 2011.

Click here for the release from Fairborne Energy.