Tracer sells Indonesian asset

Tracer sells Indonesian asset

NEW YORK (Dow Jones): Tracer Petroleum Corp. agreed to sell its Indonesian oil and gas assets to Tradewinds Oil & Gas Inc., Houston, for $350,000 cash, plus options.

In a press release Tuesday, Tracer said that if all options in the agreement are exercised, it could receive a total of $700,000 cash and $2 million in preferential cost recovery, as well as retained interest in oil and gas blocks included in the assets.

In addition to the blocks, other items included in the assets are a product sharing contract, a technical assistance pact option, a 4.25 percent carried block interest, a database and drilling rig and ancillary equipment.

Tracer Petroleum, Calgary, Alberta, is an oil and gas company.