Business
Pacific Arc Resources Announces Proposed Change of Business and Enters into Two Letters of Intent for Proposed Development of Oil and Gas Assets
Pacific Arc Resources Announces Proposed Change of Business and Enters into Two Letters of Intent...
About this update from Pacific Arc Resources Ltd.
[{"type":"text","content":"\n \n \n \n Pacific Arc Resources Announces Proposed Change of Business and Enters into Two Letters of Intent for Proposed Development of Oil and Gas Assets\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Announces Non-brokered Private Placement of up to\n \n $5,000,000\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Nov. 24, 2023\n \n \n /CNW/ - Pacific Arc Resources Ltd. (NEX: PAV.H) (\"Pacific Arc\" or the \"Company\") announces that that it has entered into two Letters of Intent (\"\n \n LOI's\n \n \") dated\n \n November 13, 2023\n \n which contemplate the Company completing a change of business to an oil and gas issuer (the \"\n \n Transaction\n \n \"). One with Greenflame Resources Inc (\n \n \"GRI\")\n \n , whereby Pacific Arc will advance\n \n US$2,000,000\n \n to acquire a direct 20% equity interest in the Production Sharing Contract (\"\n \n PSC\")\n \n held by GRI and New Horizons energy on the Parrylands Block E in\n \n Trinidad\n \n and Tobago. The PSC covers 744 acres within the Parrylands Block, there have been 110 wells drilled previously on the block and it is connected to port via an existing pipeline. The PSC is subject to a 16% royalty the license is held by production and is in good standing.\n \n \n The second LOI is with Kinghorn Operations Inc. (\"KHO\") whereby Pacific Arc will earn a 50% interest in an initial 5 well pilot program to test the\n \n Nordegg\n \n formation in certain lands controlled by KHO (the \"Farm-in\") upon Pacific Arc paying 100% of the actual costs of the pilot program. Pacific Arc will initially advance\n \n $750,000\n \n to KHO prior to KHO commencing operations on the 5 well pilot program. It is estimated that the cost of the pilot project will be approximately\n \n $750,000\n \n . Upon payment of the\n \n $750,000.00\n \n to KHO and upon payment of 100% of the Farmin costs for the 5 well pilot program PAV will earn a 50% ownership in the production spacing units in the land containing the 5 well pilot program. Further, as part of the...