BRIEF-Incremental Oil and Gas says party negotiating to buy co's California assets unable to secure sufficient finance

Jan 8 (Reuters) - Incremental Oil and Gas Ltd IOG.AX :

* Says the sale of all or part of the company's California assets is ongoing

* Says sheep springs oilfield is currently being assessed by a number of US

based production companies

* Says party that was negotiating to buy both of its producing California

assets has been unable to secure sufficient finance to close sale

* Says as a result, the purchase and sale agreement (psa) has been terminated

by iog

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