Altai Announces Sale of Cessford Oil Wells Property

Executive Summary

• Altai Resources Inc. sold its 50% working interest in the Cessford Oil Wells Property (4 oil wells, Alberta) to Canadian Natural Resources Limited for a net liability settlement of $50,674.
• The transaction generated a gain of $111,728 (≈ 69%) over the company’s recorded decommissioning liability and asset carrying value.
• Settlement was completed via an inter‑bank cash transfer from Altai to CNRL.

Key Details

• Transaction: Sale of 50% working interest in Cessford Oil Wells Property (4 oil wells) to co‑owner/operator CNRL.
• Consideration: Net liability settlement of $50,674 paid by inter‑bank cash transfer.
• Financial Impact: Recognized gain of $111,728, representing a ~69% improvement versus the decommissioning liability net of asset carrying value reported in Altai’s interim consolidated financial statements (ended 2025‑06‑30).
• Liability Settlement Structure: The settlement amount reflects both the sale price for the asset portion and the resolution of the associated decommissioning liability.
• Strategic Rationale: Disposition eliminates Altai’s exposure to future decommissioning costs on the Cessford wells and provides immediate cash proceeds.

Notable Quotes

(No quotes were provided in the release.)