Calgary, Alberta (FSCwire) – Point Loma Resources Ltd. (TSX VENTURE: PLX) (the “Corporation” or “Point Loma”) is pleased to announce that it has entered into a definitive agreement to acquire an additional interest in an oil property acquired in June 2018 (the “Acquisition”). The purchase price of the Acquisition is $270,000.00, before customary closing adjustments, and will be paid in the form of 876,623 common shares of the Corporation.
- Point Loma has acquired an additional 50 percent working interest in a key well associated with the previously announced east central Alberta properties acquired June 28, 2018.
- The purchase price reflects a 10 day average trading price at the time of signing the letter of intent of $0.308 per share of Point Loma.
- The acquired production is approximately 12 bbls/d, comprised of 100 percent oil.
- The effective date of the acquisition will be July 1, 2018.
The Acquisition is anticipated to close in August, 2018, subject to regulatory approvals. Point Loma plans to update the Acquisition reserves at year end.
“This Acquisition strengthens Point Loma’s oil weighting with little additional operating costs.” said Terry Meek, President and CEO of Point Loma. “These opportunities to acquire tuck in interests in our existing areas continue to add value to Point Loma’s asset base at strong industry metrics.”
About Point Loma
Point Loma is a public oil and gas exploration and development company focused on conventional oil and gas reservoirs in west central Alberta. The Company controls over 160,000 net acres (250 net sections) and has a deep inventory of opportunities in the Mannville, Nordegg, Banff and Duvernay Shale formations. Point Loma’s business plan is to utilize its experience to drill, develop and acquire accretive assets with potential for horizontal multi-stage frac technology and exploit opportunities for secondary recovery. For more information, please visit Point Loma’s website at www.pointloma.ca or Point Loma’s profile on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.