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Zodiac Exploration Inc. Announces Acquisition of Muskwa Resources Ltd.
Zodiac Exploration Inc. Announces Acquisition of Muskwa Resources Ltd. Calgary, Alberta CANAD...
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[{"type":"text","content":"Zodiac Exploration Inc. Announces Acquisition of Muskwa Resources Ltd.Zodiac Exploration Inc. Announces Acquisition of Muskwa Resources Ltd.\n\nCalgary, Alberta CANADA, October 09, 2013 /FSC/ - Zodiac Exploration Inc. (ZEX - TSX Venture), announces that it has entered into a definitive agreement (the \"Acquisition Agreement\") with Muskwa Resources Ltd. (\"Muskwa\") whereby Zodiac has agreed, subject to certain conditions, to acquire all of the issued and outstanding common shares (\"Muskwa Shares\") of Muskwa (the \"Acquisition\").  Muskwa is a private oil and gas company incorporated in 2008 with approximately 54,240 acres of land in central Alberta, primarily in the Duvernay and Nordegg formations, and pending asset acquisitions in Montana from Jackfish Exploration Inc. (\"Jackfish\") and Tanglewood Energy Inc. (\"Tanglewood\") that will add up to approximately 24,000 net acres of land upon satisfaction of certain conditions under the agreements relating to the Jackfish and Tanglewood acquisitions, including satisfaction of the earning conditions under the Jackfish Farmin Agreement (as defined herein).\n\nThe Acquisition is expected to be completed by way of an amalgamation and is subject to customary approvals, including approval by Muskwa shareholders and the approval of the TSX Venture Exchange.  Closing of the Acquisition is expected to occur on or prior to November 30, 2013.  \n\n\nTransaction Highlights:\n\nAlberta Assets of Muskwa:\n\n* Muskwa is a top holder of Duvernay rights in Alberta with a total of 54,240 acres of land in central Alberta, primarily in the Duvernay and Nordegg formations (49,760 contiguous 100% working interest acres in the Duvernay light oil resource window) plus an option to acquire up to an additional 6,880 acres\n\n* Muskwa's land position has significant stacked resource potential in the Duvernay, Nordegg, Montney and Beaverhill Lake formations\n\n* GLJ Petroleum Consultants Ltd. (\"GLJ\") has provided Muskwa with an evaluation (the \"GLJ Report\") dated October 25, 2012 and effective as of June 30, 2012 in accordance with the requirements of National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (\"NI 51-101\") on the undiscovered petroleum initially-in-place on the 39,680 acres of lands held by Muskwa at such time.  Using the ...