Business
Blue Sky Closes Purchase of Remaining 50% Interest in Oil and Gas Assets in BC and Alberta
(TheNewswire) Calgary, Alberta – TheNewswire - September 11, 2025 – ...
About this update from Saba Energy Ltd.
[{"type":"text","content":"Blue Sky Closes Purchase of Remaining 50% Interest in Oil and Gas Assets in BC and Alberta\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n Calgary, Alberta –\n \n\n TheNewswire -\n \n\n September 11, 2025 –\n \n Blue\n \n Sky\n \n\n Global\n \n\n Energy\n \n\n Corp.\n \n\n (“\n \n\n BGE\n \n\n ”\n \n\n or\n \n\n the\n \n\n “\n \n\n Company\n \n\n ”)\n \n\n (\n \n\n TSXV:\n \n\n BGE\n \n\n )\n \n\n is\n \n\n pleased\n \n\n to\n \n\n announce that\n \n further to the\npress releases issued June 18, 2025, May 13, 2025, July 2, 2025 and\nAugust 21, 2025,\n \n the Company has obtained the requisite\napprovals including but not limited to those from disinterested\nshareholders and TSX Venture Exchange, and has closed the purchase\nof\n \n the remaining 50% interest in the previously disclosed oil\nand gas assets in British Columbia and Alberta (the “\n \n Assets\n \n ”) from Blue Sky Resources\nLtd. (“\n \n BSR\n \n ”) for a\npurchase price of $13,000,000 which is paid by the Company to BSR by\nway of a promissory note with a repayment date of 2 years from the\ndate of closing with interest accruing at\n \n a rate of\n \n 10% per annum to be paid at the end of each quarter, with the\nfirst payment to be made as a December 31, 2025 with principal\npayments to be made quarterly based on the greater of $250,000 and 50%\nof the net revenue from production from the Assets, with an option for\nthe Company to increase principal payments and to pay out the\npromissory note at any time before the maturity date (the “\n \n Acquisition\n \n ”).\n \n\n The Assets consist of:\n \n\n\n\n the remaining 50% working interest in certain oil and gas assets\nlocated in Northeastern British Columbia, which is the remaining\ninterest in these assets initially purchased by the Company in May\n2024; and\n \n\n\n\n the remaining 50% working interest in certain heavy oil and gas assets\nlocatedintheColdLakeareamadeupofapproximately384hectares\n(representing100%interest)prospectivefortheexplorationofheavyoil, of\nwhich the Companyannounced the purchase of the initial 50% interest in\nthese assets in the press release dated August 6, 2024.\n \n\n\n\n Trading in the common shares of the Company have been halted since\nannouncement of the Acquisition and resumption of trading is...