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Blue Sky Enters into Definitive Agreement for Purchase of Oil and Gas Assets
(TheNewswire) Calgary, Alberta – TheNewswire - November 22, 2023 – ...
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[{"type":"text","content":"Blue Sky Enters into Definitive Agreement for Purchase of Oil and Gas Assets\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Calgary, Alberta –\n \n \n TheNewswire -\n \n \n November 22, 2023 –\n \n \n Blue Sky Global Energy Corp.\n \n \n (“\n \n \n Blue\nSky\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 announces that it\nhas entered into a definitive agreement (the “\n \n \n Agreement\n \n \n ”) dated\nNovember 21, 2023 with an arm’s length party being, Blue Sky\nResources Ltd., which is an Alberta based private oil and gas company\n(the “\n \n \n BSR\n \n \n ”) for the purchase of a 50% non-operating interest in\ncertain oil and gas assets owned by BSR’s that are located in\nNortheastern British Columbia (“\n \n \n BSR BC Assets\n \n \n ”) and\n100% of the shares of Blue Sky Paus Ltd., which is an Alberta\ncorporation that is a wholly owned subsidiary of BSR, that holds a\nProduction Sharing Contract (“\n \n \n PSC\n \n \n ”) over offshore waters in Indonesian\nthat may be prospective for oil and gas exploration (“\n \n \n BSR Indonesian\n \n \n Assets\n \n \n ”)\n(collectively, the “\n \n \n Acquisition\n \n \n ”). The Acquisition constitutes\nan ‘arms' length transaction’ but is considered a ‘reverse\ntakeover’ (“\n \n \n RTO\n \n \n ”) as defined in the policies of the TSX\nVenture Exchange (“\n \n \n TSXV\n \n \n ”).\n \n \n \n \n Details of the Acquisition\n \n \n \n \n Pursuant to the Acquisition, the BSR BC Assets will\nproduce approximately 600 barrels of oil and gas equivalent per day of\nproduction to the Company from approximately 141 oil wells and 51 gas\nwells. The BSR Indonesian Assets have nil production and the PSC for\nthis asset covers 8,214 square kilometers that is offshore East\nNatuna, Indonesia, known as the “Paus Block”. Preliminary works\nhave been completed on the Indonesian Asset to date.\n \n \n \n \n The Agreement contemplates that the Acquisitions will\nbe completed as follows:\n \n \n \n \n 1.)\n \n \n The purchase price\nshall be CDN $27,500,000 (the “\n \n \n Purchase Price\n \n \n ”)\n \n \n \...