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Lone Pine Resources
Inc. ("Lone Pine" or the "Company")
LPRLPR announces
that it has entered into two separate definitive agreements with
private oil and gas companies to dispose of certain non-core assets
in the Kaybob area of the Deep Basin for total gross cash proceeds of
$19.0 million, subject to normal course closing adjustments. On a
combined basis, these assets had current net sales volumes of
approximately 3.4 MMcfe/d (82% natural gas) based on field estimates
and total net estimated proved reserves of 11.1 Bcfe at December 31,
2011, determined in accordance with U.S. Securities and Exchange
Commission guidelines.
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