MCW Energy Group Ltd. (TSXV: MCW) and GeoPetro Resources Co. (NYSE: GPR) have approved a definitive merger agreement whereby MCW has agreed to acquire GeoPetro.

Completion of the transaction is contingent upon, among other things, shareholder and regulatory approvals, and it is expected to close in summer 2013. Upon completion, GeoPetro will continue as a subsidiary of MCW, according to the release.

One of the conditions to the obligation of MCW to consummate the merger is that GeoPetro shall have secured, on or before March 29, US $1.9 million in ...