Reuters: Mergers News: UPDATE 1-NiMin Energy to sell California assets for $27 mln

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-NiMin Energy to sell California assets for $27 mln Apr 27th 2012, 10:40 Fri Apr 27, 2012 6:40am EDT April 27 (Reuters) - NiMin Energy Corp said it would sell its assets in the San Joaquin Basin in California to Southern San Joaquin Production LLC for about $27 million in cash. The sale comes two days after the company said it would shut-shop and sell its interests in Wyoming to Breitburn Energy Partners LP for $125 million. NiMin said it will have about $70.3 million to $72.5 million to distribute to shareholders after paying off debts of about $52.6 million to $55.1 million. The company intends to hold its annual shareholders meeting on June 27 to seek approval for the sale of assets and liquidation of the company. The assets will be sold even if shareholders do not approve the dissolution of the company, it said in a statement. Shares of the company closed at 78 Canadian cents on Thursday on the Toronto Stock Exchange.

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