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LYCOS ENERGY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED WYATT RESOURCES LTD. ACQUISITION
LYCOS ENERGY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED WYATT RESOURCES LTD. ACQUISITION ...
About this update from Lycos Energy Inc
[{"type":"text","content":"\n \n \n \n LYCOS ENERGY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED WYATT RESOURCES LTD. ACQUISITION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: LEFT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Sep. 1, 2023\n \n \n /CNW/ - Lycos Energy Inc. (\"\n \n Lycos\n \n \" or the \"\n \n Company\n \n \") (TSXV: LCX) is pleased to announce that it has successfully closed the previously announced acquisition (the \"\n \n Acquisition\n \n \") of Wyatt Resources Ltd. (\"\n \n Wyatt\n \n \"), a privately held, heavy oil producer. Lycos acquired all of the issued and outstanding common shares of Wyatt for total consideration of\n \n $8.8 million\n \n , consisting of\n \n $6.5 million\n \n in cash and\n \n $2.3 million\n \n of equity. The Acquisition includes current production of 400 boe/d. Significant growth opportunities have been identified on the 12,335 net acres of Wyatt land, including over 20 net drilling locations.\n \n \n The cash consideration for the Acquisition was funded through the Company's credit facilities. The equity consideration for the Acquisition comprised of 635,640 post-consolidation common shares of Lycos (the \"\n \n Lycos Shares\n \n \") at a deemed price of approximately\n \n $3.62\n \n per Lycos Share. The post-consolidation Lycos Shares will commence trading on the facilities of the TSX Venture Exchange at market open today. Following the completion of the Acquisition and the consolidation, the Company has 40,404,140 Lycos Shares issued and outstanding. For further details on the Acquisition and the consolidation, please refer to the Company's press release dated\n \n August 24, 2023\n \n .\n \n \n \n About Lycos\n \n \n \n Lycos is an oil-focused, exploration, development and production company b...