Post by
BayStreetVic on May 03, 2016 4:09pm
Operational Update
Is this recent bit of POG news: Forent has executed a definitive agreement to acquire additional oil and gas assets in its core area of Twining, Alberta (the "Acquisition"). The Acquisition consists of approximately 200 boe/d, which is comprised of 70% oil and 30% liquids rich gas with associated facilities in close proximity to existing operations. The acquisition nearly doubles the production of Forent, and brings a drilling inventory of both vertical and horizontal drilling locations for future growth of the new company. Funding of the Acquisition was provided by Perisson pursuant to a trust agreement whereby Perisson will be the beneficial owner of the Assets at Closing. The terms of the Trust Agreement include a term whereby in the event that the Amalgamation is not completed, Forent has the right to acquire the beneficial interest in the Assets from Perisson at the initial purchase price. The same or different than the PR issued by FEN on November 12 2015?
Comment by
Phonse47 on May 03, 2016 4:26pm
same property, better price
Comment by
Yajne on May 03, 2016 11:05pm
Phonse47, we may have all sprouted grey hair (or muliplied grey hair in my case) waiting for this thing to finally happen and all we get was THAT?
Comment by
Yajne on May 04, 2016 1:35pm
Phonse47, I think the tsx listing issue is a bunch of smoke. FEN is already on the V.TSX. Can they not use FEN's listing post-amalgamation as would be the case in any RTO? ....the often used tactic...many private companies buy an already listing "shell" as a means to get listed.