Certain Fund I & II Properties Sold – Part of Program in 2nd Quarter of 2007

Posted by Mary-Margaret

In June, Foundation Energy Funds I and II closed the sale of two asset packages that were part of the funds’ Rockies operations.  The far larger of the two consisted of DJ Basin properties located in southwestern Nebraska.  These properties were sold to a private equity-backed firm and had been acquired as part of two larger transactions in 2006 and 2007.  The sale represented Foundation’s complete holdings in the state of Nebraska.  The smaller transaction was in the Sand Wash Basin in north central Colorado and the properties were sold to a nearby operator.  Both property packages were oil-weighted and they collectively represented approximately 11% of the funds’ combined proved reserves.

The sales are part of a broader divestiture initiative for Foundation Energy Funds I & II as they move closer to the end of their 10-year lives in 2015 and 2017, respectively.

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