Scandinavian Oil-Gas Magazinehttp://www.scandoil.com/moxie-bm2/news/pine-cliff-energy-to-acquire-a-further-interest-in.shtmlPine Cliff Energy to acquire a further interest in Monogram assetsPine Cliff Energy Ltd. has entered into an arm's length Letter of Intent to acquire
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Edit page New page Hide edit links Pine Cliff Energy Ltd. has entered into an arm's length Letter of Intent to acquire (the "Acquisition") an additional 53.8196% working interest in the Monogram unit and related infrastructure in the Province of Alberta (the "Monogram Assets") for cash consideration of $34 million (prior to any adjustments). The Monogram Assets are located near the City of Medicine Hat and produce dry natural gas mainly from the Milk River, Medicine Hat and Second White Specks zones. Subsequent to the closing date and assuming the waiver of all right of first refusals ("ROFRs") on the Monogram Assets, Pine Cliff will own an 83.37505% working interest in the Monogram unit. The Acquisition is subject to standard closing conditions, including due diligence, title review, required regulatory approvals, the entering into of a mutually agreeable purchase agreement (the "Purchase Agreement") and approval from Pine Cliff's board of directors. |