Business
Zodiac Exploration Inc. Announces Closing of the Acquisition of Muskwa Resources Ltd.
Zodiac Exploration Inc. Announces Closing of the Acquisition of Muskwa Resources Ltd. Calga...
About this update from Sintana Energy Inc.
[{"type":"text","content":"Zodiac Exploration Inc. Announces Closing of the Acquisition of Muskwa Resources Ltd.Zodiac Exploration Inc. Announces Closing of the Acquisition of Muskwa Resources Ltd.\n\nCalgary, Alberta CANADA, December 05, 2013 /FSC/ - Zodiac Exploration Inc. (ZEX - TSX Venture), announces that it has completed the acquisition of Muskwa Resources Ltd. (\"Muskwa\") pursuant to which Zodiac acquired all of the outstanding common shares (\"Muskwa Shares\") of Muskwa (the \"Acquisition\") pursuant to an amalgamation agreement dated October 8, 2013 among Zodiac, Muskwa and Zodiac Exploration Corp., a wholly-owned subsidiary of Zodiac (the \"Amalgamation Agreement\").\n\nThe closing of the acquisition of Muskwa represents a significant milestone for Zodiac, providing diversity to our portfolio which now includes not only a world class resource play in California, but access to the emerging Duvernay shale play in Alberta and conventional targets in Montana. Zodiac's immediate focus is now on shooting a 3D seismic survey and drilling two wells by June 2014 in Montana and devoting our resources to further evaluating the Duvernay play including developing a drilling program to properly test and advance the commerciality of the play on our lands.\n\nTransaction Summary\n\nUnder the terms of the Amalgamation Agreement, holders of Muskwa common shares (\"Muskwa Shares\") received one (1) common share of Zodiac (\"Zodiac Shares\") for each Muskwa Share held.  Additionally, all stock options (\"Muskwa Options\") and performance warrants (\"Muskwa Performance Warrants\") of Muskwa were assumed by Zodiac and now entitle the holders thereof to acquire an equivalent number of Zodiac Shares.  All of the outstanding warrants to purchase Muskwa Shares (\"Muskwa Warrants\") were also assumed by Zodiac and now entitle holders thereof to acquire an equivalent number of Zodiac Shares in accordance with their terms.   Additionally, the The Muskwa I Convertible Debentures (as defined herein) in the aggregate principal amount of $500,000 were assumed by Zodiac in connection with the closing of the Acquisition.\n\nMuskwa Asset Acquisitions\n\nPrior to the completion of the Acquisition, Muskwa acquired the entire interest of Jackfish Exploration Inc. (\"Jackfish\") under a farm-in agreement to which Jackfish was a party (the \"Jackfish Farm...