Sheer Energy Inc., Calgary, (Toronto Venture: SHU) has completed the business combination of privately held, Jersey, Channel Isles-based Farmkey Investment Co., the holder of privately held, Jersey, Channel Isles-based Rigo Oil Co. Ltd. and privately held, Italy-based Vega Oil srl and Fabrizio Rigo of Rome. Sheer's assets include producing properties in Western Canada with daily production of approximately 41 barrels of oil equivalent per day (74% gas). The transaction has been completed through Sheer's acquisition of all of the issued and outstanding shares of Rigo and Vega from Farmkey in exchange for common shares of Sheer. Rigo's assets include 100,000 units of the Peyto Energy Trust, a 37.5% working interest in the Jorf permit, onshore Tunisia, (989,276 acres) and a 100% working interest in the Sud Tozeur permit application (1.1 million acres), onshore Tunisia. Vega's assets include an 85% working interest in the d-490 B.R.-VG permit (31,303 acres) in the shallow Adriatic Sea, offshore east central Italy; a 60% working interest in the Civitaquana permit (152,081 acres), onshore central Italy; an 80% working interest in the Posta Nuova permit (38,154 acres), onshore southern Italy; and a 30% working interest in the Montalbano permit (40,781acres), onshore southern Italy. Sheer has now changed its name to Cygam Energy Inc. and has reserved the stock symbol CYG.
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