Perisson Petroleum Corporation (TSX VENTURE:POG) is pleased to announce that the Company has executed a non-binding letter of Intent for the acquisition of oil and gas assets in West-Central Alberta.
The west-central Alberta assets are comprised of oil and gas assets that are expected to form the backbone of the Company’s future development and exploitation plans in a proven oil rich fairway. The assets contain a strategic land position as well as a multi-zone resource base. The total proved and probable reserves associated with the assets are approximately 9 million recoverable BOE based upon an independent qualified reserve evaluator’s report.
Perisson has initiated the due diligence process and expects to enter into a binding purchase agreement by end of August 2016, with a final closing by the end of the third quarter 2016.The completion of the Transaction will be subject to the execution of a binding agreement and customary closing conditions that include receipt of all regulatory, third party, security holder and shareholder approvals.
The Company also reports that Anlian International Holdings (Hong Kong) Co. Limited has acquired, directly or indirectly, 21,477,646 common shares of Perisson. The shares were transferred from the holdings of Red Mountain Energy Investment Fund LP at a deemed price of $0.07 per share. The controlling director of Anlian and Red Mountain are the same person. Anlian may in the future acquire additional shares in the Company, if deemed appropriate to do so in its sole discretion.