Daylight Energy Ltd. (TSX:DAY) announced it has reached an agreement with a private company, Gear Energy Ltd., to sell certain of Daylight's oil and natural gas assets in Eastern Alberta for aggregate consideration of $125 million, consisting of $100 million in cash and $25 million in equity.

The press release is quoted as saying:

Daylight is a growing intermediate oil, liquids rich natural gas and natural gas producing company with a high quality suite of resource play assets in Western Canada. Daylight's highly focused team utilizes technical expertise in exploitation, development and acquisitions to create long-term value for shareholders.

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