Petrolia Energy has completed its previously announced acquisition of all issued and outstanding common shares in the capital of Canadian oil and natural gas company Bow Energy.
The closure of the acquisition comes after a Plan of Arrangement was approved by the shareholders of Bow, with the final approval granted by the Court of Queen’s Bench of Alberta.
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Pursuant to the deal, Petrolia agreed to offer 1.15 common stock shares to Bow shareholders for each share held.
The acquisition comprises more than 948,000 net acres onshore North Sumatra, Indonesia.
Petrolia Energy president James Burns said: “While we remain focused on developing our onshore domestic portfolio here in the US, the Indonesian assets are truly special.
“Being able to find an acreage package of this size and quality was just too good to pass up. We are looking forward to continuing our discussions with local financial and operating partners in the region to strategise on how best to commercialise these assets over the long term.”
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By GlobalDataThrough the acquisition, the company has now gained access to interests in five production-sharing contracts (PSCs) and one joint study agreement (JSA) with the Indonesian Government.
The assets are closely located near discoveries made by Repsol, ConocoPhillips and Chevron.
So far, only one of the six newly acquired assets has been subjected to a preliminary unrisked prospective resources estimate.
Based on a preliminary engineering resource estimate conducted by McDaniel & Associates Consultants, there are 91.8 million of barrels of oil equivalent.
