Calima Energy agreed with Astara Energy to sell its wholly-owned Canadian subsidiary, Blackspur Oil, for approximately CAD$75 million ($83.3 million).

Following the transaction, Calima plans to distribute at least 85% of the funds from the sale to its shareholders.

The sale includes Blackspur's ownership of Calima's Brooks and Thorsby production assets and has been approved by the board of directors.

The agreement is subject to approval by Calima's shareholders and the Canadian Competition Act.