Business
Acquisition of 1.72% Non-Operated Revenue and Billing Interest in Swan Hills Unit #1 - Dividend of Common Shares of Waskahigan Oil & Gas Corp to TAPC Shareholders
CALGARY, AB / ACCESSWIRE / November 29, 2021 / Tenth Avenue Petroleum Corp. (" TPC ")(TSXV:T...
About this update from Decimus Oil Corp.
[{"type":"text","content":"Acquisition of 1.72% Non-Operated Revenue and Billing Interest in Swan Hills Unit #1 - Dividend of Common Shares of Waskahigan Oil & Gas Corp to TAPC ShareholdersCALGARY, AB / ACCESSWIRE / November 29, 2021 / Tenth Avenue Petroleum Corp. (\"TPC\")(TSXV:TPC) TPC wishes to announce it has received TSX Venture Exchange (\"TSXV\") approval to complete the acquisition of a non-operated 1.3089477% Unit Participation and 1.7224988% revenue and billing interest in the Swan Hills Unit #1 pool (\"SHU Asset\") from Salida Energy Inc. (\"Salida\"), an arm's length privately held company. The purchase price was $825,000 (inclusive of GST). The consideration consisted of 9,716,442 TPC common shares issued at a deemed price of $0.085 per TPC shares The SHU Asset consists of approximately 47 boe/d of production (~91% oil) focused in the Swan Hills, Alberta area. The SHU Asset consists of oil, natural gas and liquids production and reserves in a mature Swan Hills low decline producing field. Current net production of approximately 47 boe/d, 38 bbls of oil, 5 bbls liquids and 27 Mcf/d of natural gas. The operator of the SHU Asset is Canadian Natural Resources Limited (\"CNRL\"). CNRL is currently undertaking a pump replacement program in the Swan Hills Unit #1 which is estimated to increase the pools productivity by approximately ~400 boe/d gross (net ~6 boe/d). Upon closing Salida will become a new control person owing 48% % of the 20,229,010 issued and outstanding common shares. The common shares to be issued to Salida will be subject to a 4 month hold period. There were no finders fees paid as part of the transaction. The transaction is effective September 30, 2021. The transaction is expected to close December 3, 2021.Immediately after the closing of the SHU Asset, TPC will file the Articles of Arrangement with the Registrar of Corporations for the Province of Alberta implementing the Order of Justice D.R. Mah dated May 25, 2021 in Court of Queen's Bench of Alberta Action #2101 02284 which approved the Plan of Arrangement dated March 24, 2021 (as amended) (\"Plan of Arrangement\") amongst TPC, WOGC, Odaat Oil Corp (\"Odaat\") and 2361990 Alberta Ltd. (\"\"#ABCo\"). Effective September 30, 2021, TPC declared a dividend wherein TAPC dividended one (1) common share of Waskahigan Oil & Gas Corp (\"WOGC\").to the holders of each common share o...