As disclosed in the Corporation’s June 30, 2020 news release, Altura entered into an amending agreement to change the timing of the second transaction in the December 4, 2019 definitive agreement with a private company. The sale of a 5.5% working interest in the Corporation’s production, wells, lands and facilities for cash of $3.5 million was amended to close in four equal stages.
On September 30, 2020, Altura closed stage two of the second transaction for the sale of a 1.375% working interest in the Corporation’s production, wells, lands and facilities for cash of $875,000. As per the amending agreement, stages three and four are scheduled to close on January 31, 2021 and June 30, 2021, respectively.
ABOUT ALTURA ENERGY INC.
Altura is a junior oil and gas exploration, development and production company with operations in central Alberta. Altura predominantly produces from the Rex member in the Upper Mannville group and is focused on delivering per share growth and attractive shareholder returns through a combination of organic growth and strategic acquisitions.