Bayou Bend to sell US assets

Bayou Bend Petroleum has entered into a non-binding letter of intent for the sale of substantially all of its US subsidiaries and/or assets to a private company based in Houston, Texas.

Offshore staff

VANCOUVER, Canada -- Bayou Bend Petroleum has entered into a non-binding letter of intent for the sale of substantially all of its US subsidiaries and/or assets to a private company based in Houston, Texas. The purchase price for the transaction is $18 million, payable in cash at closing.

The transaction is subject to the negotiation and execution of a definitive agreement, due diligence, board and shareholder approval as well as all requisite regulatory approvals.

02/20/2009

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