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TOPAZ ENERGY CORP. ACQUIRES OIL-FOCUSED FEE MINERAL TITLE ACREAGE THROUGH THE ACQUISITION OF KEYSTONE ROYALTY CORP.
TOPAZ ENERGY CORP. ACQUIRES OIL-FOCUSED FEE MINERAL TITLE ACREAGE THROUGH THE ACQUISITION...
About this update from Topaz Energy Corp
[{"type":"text","content":"\n \n \n \n TOPAZ ENERGY CORP. ACQUIRES OIL-FOCUSED FEE MINERAL TITLE ACREAGE THROUGH THE ACQUISITION OF KEYSTONE ROYALTY CORP.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; FONT-SIZE: 8PT; FONT-FAMILY: ARIAL; COLOR: BLACK; MARGIN:0em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 31, 2022\n \n \n /CNW/ - Topaz Energy Corp. (TSX: TPZ) (\"Topaz\" or the \"Company\") is pleased to announce that it has entered into a definitive agreement with Keystone Royalty Corp. (\"Keystone Royalty\") for the purchase of its outstanding common shares, for\n \n $85.0 million\n \n , payable through the issuance of 4,187,193 Topaz shares (the \"Keystone Royalty Acquisition\"). The Keystone Royalty Acquisition is expected to close during the second quarter of 2022, subject to the satisfaction of customary closing conditions.\n \n \n \n \n \n \n \n \n \n \n Keystone Royalty Acquisition\n \n \n \n The Keystone Royalty Acquisition adds a large and diversified Western Canadian royalty portfolio consisting of over 480,000 gross acres of royalty lands (\"Keystone Royalty Assets\") which includes (i) current royalty production of approximately 450 boe/d (83% liquids)\n \n (1)\n \n ; (ii) over 310,000 gross acres of fee mineral title lands; and (iii) complementary seismic assets. The Keystone Royalty Assets, primarily located in\n \n Southeast Saskatchewan\n \n , provide low base decline, oil-focused production and include royalty interest ownership in a number of unitized production areas, including the Weyburn Unit, in which Topaz owns an existing 5% royalty interest. Keystone Royalty has federal tax pools of over\n \n $25.0 million\n \n , positive working capital and no debt. P...