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Palliser Buys Heavy Oil Properties

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September 18, 2012

Palliser Oil & Gas Corp. (TSXV: PXL) has acquired certain heavy oil properties from a number of private companies within its existing greater Lloydminster core area. The acquired properties are estimated to currently produce approximately 140 BOE/d of net operated production.

Consideration for the acquired properties is comprised of $3,240,000 cash and 3,323,000 Palliser common shares for total consideration of approximately $5.3 million based on a five-day weighted average trading price of $0.61 per share.

The acquired properties complement Palliser's existing prospect inventory and provide further synergies to expand its ...

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