Point Loma Resources Ltd. entered an agreement to acquire about 5,000 net acres of land in west-central Alberta, Canada, containing oil and natural gas assets contiguous to its existing focus area, according to a Jan. 24 press release.
The assets produce about 410 barrels of oil equivalent per day, 95% gas. The average working interest is 78%.
The consideration is CA$1.6 million with the issuance of 4 million Point Loma shares.
The acquisition, subject to regulatory approvals including TSX Venture Exchange approval, will likely close in February.
Point Loma Resources Ltd. is based in Calgary, Alberta.
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