Regal sells interest in Romanian concession

Regal Petroleum (RPT LN) announced this morning that it concluded a conditional sale and purchase agreement with Zeta Petroleum for the company’s wholly owned Romanian subsidiary, which holds a 50% interest in the Suceava concession in Romania, for USD 650,000 in cash. Regal’s Romanian unit had a loss before tax of USD 1.0 mln in 2011 and net assets of USD ~0.8 mln as of December 31, 2011. Regal said proceeds from the sale will be used for general corporate purposes and following completion of the sale it plans to focus solely on assets in Ukraine.