ArPetrol closes the sale of substantially all of its assets

On May 20, 2016, ArPetrol Ltd. (ArPetrol) announced that it successfully closed the previously announced sale of substantially all of its assets to Empresa Nacional Del Petróleo, the state owned oil and gas company of Chile, and its subsidiary ENAP Sipetrol Argentina S.A. The purchase price paid to the company was US$11,084,232 (approximately C$14.5 million), including the net working capital at closing of the subsidiaries being sold of US$2,084,232.

Following the completion of the transaction, ArPetrol no longer has active business operations or assets other than the cash proceeds from the transaction. ArPetrol now plans to focus on the efficient winding-up of its affairs, including the distribution of the net proceeds from the transaction to the ArPetrol shareholders, after payment of all transaction costs and satisfaction of all outstanding liabilities of the Company, and the delisting of its common shares from the TSX Venture Exchange.

ArPetrol is a Calgary-based publicly traded company listed on the TSX Venture Exchange.

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