Toscana Energy Income Corp. (Toronto Venture: TEI) announced that its acquisition of Senmar Capital Corp. has been completed and the common shares in the capital of Toscana Energy have commenced trading on the Toronto Venture Exchange.
The company also entered into an agreement with a private company to acquire approximately 750 BOE/d of long life liquids rich natural gas production for $17.5 million. The production base is made up of approximately 23% natural gas liquids with the balance being natural gas.
Total proved reserves in respect of the assets that are being acquired by Toscana Energy has been estimated at 1,826,500 BOE with total proved plus probable reserves in respect of such assets estimated at 3 MMBOE. This acquisition is subject to customary closing conditions being satisfied and is scheduled to close prior to the end of November 2012.
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