Business
Bowood Energy Inc. and Legacy Oil + Gas Inc. Announce Completion of Previously Announced Strategic Transaction
CALGARY, July 5, 2012 /CNW/ - Bowood Energy Inc. ("Bowood" or the "Company") (TSXV: BWD) a...
About this update from Permex Petroleum Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, July 5, 2012 /CNW/ - Bowood Energy Inc. (\"Bowood\" or the \"Company\") (TSXV: BWD) and Legacy\n Oil + Gas Inc. (\"Legacy\") (TSX:LEG) are pleased to announce that the shareholders of Bowood, at the annual\n general and special meeting of shareholders held this morning, approved\n the previously announced strategic transaction with Legacy by a\n positive vote in excess of 92% of the votes cast.  Bowood and Legacy\n are further pleased to announced that, following such approval, they\n have completed: (i) the sale of Legacy's southern Alberta assets,\n excluding assets in the greater Turner Valley area, to Bowood (the\n \"Asset Purchase\"); and (ii) the appointment of a new management team\n and certain new directors for Bowood.\n\n\nAsset Purchase\n\n\nThe Asset Purchase consisted of the sale of Legacy's undeveloped land in\n southern Alberta, excluding assets in the greater Turner Valley area,\n to Bowood in exchange for 200,000,000 common shares of Bowood (\"Bowood\n Shares\").  The Asset Purchase included the Legacy/Bowood joint venture\n land, including the Big Valley oil wells drilled at Kipp and Spring\n Coulee.  The Legacy farmin agreement with Bowood was terminated upon\n closing of the Asset Purchase.  Following completion of the Asset\n Purchase, Bowood has 474,933,373 Bowood Shares outstanding, 42.1% of\n which are owned by Legacy.\n\n\nNew Management and Directors\n\n\nFollowing completion of the Asset Purchase: (i) the former officers of\n Bowood resigned and were replaced by Trent Yanko as President and Chief\n Executive Officer, Matt Janisch as Vice-President, Finance and Chief\n Financial Officer and Mark Franko as Corporate Secretary; (ii) the\n board of directors of Bowood was reconstituted to be comprised of James\n Pasieka as Chairman, Trent Yanko, Chris Bloomer, Jim Welykochy and Neil\n Roszell; and (iii) Legacy and Bowood entered into a management,\n technical and administrative services agreement on the terms previously\n disclosed.\n\n\nStrategic Positioning\n\n\nUpon closing of this transaction, Bowood becomes a high impact light oil\n exploration focused junior company with the dominant high working\n interest, operated position in the southern Alberta Bakken play, an\n exploration play that has attracted significant industry activity in\n recent years.  The...