Crew Energy Announces $130 Million Non-Core Asset Disposition and Partial Redemption of Outstanding 6.500% Senior Unsecured Notes Due 2024

CALGARY, Alberta, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Crew Energy Inc. (TSX: CR; OTCQB: CWEGF) ("Crew" or the "Company"), a growth-oriented natural gas weighted producer operating exclusively in the world-class Montney play in northeast British Columbia (“NE BC”), announced today that we have successfully completed the sale of certain non-core assets at Attachie and Portage in NE BC for gross proceeds of $130 million (subject to certain customary closing adjustments) (the “Disposition”). The net proceeds from the Disposition will be used to redeem $128 million principal amount of the Company's 6.500% senior unsecured notes due 2024 (the "2024 Notes"), of which an aggregate principal amount of $300 million is currently outstanding.

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