CabelTel International Corporation Announces Sale of a Subsidiary | Business Wire: July 6, 2006--CabelTel International Corporation ("CIC" or "the Company") (AMEX:GBR), a Dallas-based company with investments in a retirement center and a North Texas outlet mall, today announced the sale of its two Gaywood Oil & Gas subsidiaries for approximately $1.7 million in cash.
"The Gaywood subsidiaries controlled 200 oil wells of which only 50 were operating. These wells produced an average of approximately 2 1/2 barrels per day per well," said Gene S. Bertcher, President and Chief Financial Officer of the Company. "At this level, the production costs per barrel was very expensive. This sale will generate a gain of approximately $400,000 and decrease our debt by nearly $150,000," Bertcher added.
Wednesday, October 28, 2015
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