Chamaelo Exploration Ltd., Calgary, (Toronto: CXN) plans to acquire privately held Tournament Energy Ltd. and a private technology company. Tournament has assets in Chamaelo's West Central Alberta core area valued at approximately C$190 million. The assets include production of 3,100 barrels of oil equivalent per day (85% operated; 60% gas), 65,000 gross undeveloped acres and 51,000 net undeveloped acres. The assets also have estimated reserves of 6.1 million barrels of oil equivalent proved and 6.4 million barrels of oil equivalent proved plus probable, giving the acquisition a price of C$28.60 per proved barrel of oil equivalent, according to Chamaelo. The technology company's business will be distributed to Chamaelo's existing shareholders. Upon closing of the transaction, which is expected in January, the combined company will have production of more than 5,000 barrels of oil equivalent per day (60% gas), an asset base focused in West Central Alberta, an undeveloped land base of more than 115,000 net acres and some 60 identified potential drilling locations. GMP Securities Ltd. is advisor to Chamaelo; Tristone Capital Inc. is advisor to Tournament; and Sprott Securities Inc. is advisor to Chamaelo with respect to the technology company.
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