Advertisement
Canada markets open in 2 minutes

  • S&P/TSX

    21,885.38
    +11.66 (+0.05%)
     

  • S&P 500

    5,048.42
    -23.21 (-0.46%)
     

  • DOW

    38,085.80
    -375.12 (-0.98%)
     

  • CAD/USD

    0.7318
    -0.0005 (-0.07%)
     

  • CRUDE OIL

    84.22
    +0.65 (+0.78%)
     

  • Bitcoin CAD

    87,204.09
    +898.01 (+1.04%)
     

  • CMC Crypto 200

    1,382.38
    -14.16 (-1.01%)
     

  • GOLD FUTURES

    2,360.00
    +17.50 (+0.75%)
     

  • RUSSELL 2000

    1,981.12
    -14.31 (-0.72%)
     

  • 10-Yr Bond

    4.6650
    -0.0410 (-0.87%)
     

  • NASDAQ futures

    17,714.00
    +146.50 (+0.83%)
     

  • VOLATILITY

    15.48
    +0.11 (+0.72%)
     

  • FTSE

    8,120.38
    +41.52 (+0.51%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • CAD/EUR

    0.6827
    +0.0006 (+0.09%)
     
MARKETS LIVE BLOG:

STOCK FUTURES JUMP, LED BY STELLAR ALPHABET, MICROSOFT EARNINGS

Results from 'Magnificent Seven' duo show cloud revenue boosted by strong AI demand

Acquisition of 1.72% Non-Operated WI in Swan Hills Unit #1

ACCESSWIRE
·2 min read

CALGARY, AB / ACCESSWIRE / October 15, 2021 / Tenth Avenue Petroleum Corp. ("TAPC")(TSXV:TPC) wishes to announce it has entered into a letter of intent to acquire oil and gas assets (the "Acquisition") to acquire a 1.3089477% Unit Participation and 1.7224988% revenue and billing interest non-operated WI in the Swan Hills Unit #1 pool ("SHU Asset") from Salida Energy Inc. ("Salida"), an arms length privately held company, for a purchase price of $825,000 (inclusive of GST). The consideration will consist of 9,716,442 TAPC common shares at a deemed price of $0.085 per TAPC shares The Acquisition is expected to close upon approval by TSX Venture Exchange ("TSXV"). The SHU Asset consists of approximately 47 boe/d of production (~91% oil) focused in the Swan Hills, Alberta area. The Acquisition would add natural gas and liquids production and reserves in a mature Swan Hills low decline oil producing fields. Current net production of approximately 47 boe/d, 38 bbls of oil, 5 bbls liquids and 27 Mcf/d of natural gas. The operator of the field is Canadian Natural Resources Limited ("CNRL"). CNRL is currently undertaking a pump replacement program in the Swan Hills Unit #1 which is estimated to increase the pools productivity by approximately ~400 boe/d gross (net ~6 boe/d). The Acquisition would require no material additional general and administrative expenses. Completion of the Acquisition is subject to customary closing conditions and receipt of necessary regulatory approvals, including the TSXV. TAPC has not yet received conditional approval with respect to TSXV Policy 5.3 Fundamental Acquisition. Shareholders holding in excess of 50% of TAPC common shares have consented to the transaction. The Acquisition will result in a new Control Person as defined by TSXV Policies.

The acquisition is a first step to permit TAPC to maintain its TSXV listing and spinout its Waskahigan assets to its wholly owned subsidiary Waskhaigan Oil & Gas Corp as previously announced.

About Tenth Avenue Petroleum Corp

Tenth Avenue Petroleum Corp. is a junior oil and gas exploration and production company. For further information, please contact:

ADVERTISEMENT

Gregory J. Leia, President
Tenth Avenue Petroleum Corp.
Suite 203 - 221 - 10th Avenue SE
Calgary Alberta T2G 0V9
T: (403) 265 4122
E: gleia@tenthavenuepetroleum.com
Website: www.tenthavenuepetroleum.com

Reader Advisory

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Tenth Avenue Petroleum Corp.



View source version on accesswire.com:
https://www.accesswire.com/668347/Acquisition-of-172-Non-Operated-WI-in-Swan-Hills-Unit-1