GREY:PMBJF - Post by User
Post by
beenaround2012on Jul 24, 2012 11:33am
210 Views
Post# 20146502
More News Today
More News Today
|
Brixton Energy to seek OK for 65% Alberta well stake
2012-07-24 10:17 ET - News Release
Mr. Richard Saxon reports
Brixton Energy Corp. is providing the following corporate update. Further to the news release dated May 4, 2012, the company will submit to the TSX Venture Exchange an application for approval on a purchase of an additional 40 per cent of its Panny well 8-25-95-5W5, of which the company currently holds 25-per-cent working interest. Brixton will issue three million common shares of the company and 1.5 million warrants, entitling the holder to purchase an additional common share at 10 cents for a period of one year from the date of issuance.
Brixton has now received all the necessary contracts from Pengrowth Energy Corp. to ensure that the well can be tied into Pengrowth facilities and can be brought back into full-time production. Subject to the TSX Venture Exchange approval of the purchase transaction, Brixton will have 40-per-cent working interest and additional 25-per-cent carried interest in this well, for a total of 65-per-cent interest.
The company also wishes to announce that it will submit to the TSX Venture Exchange a shares-for-debt-settlement application for up to $200,000 at five cents per unit. Each unit shall consist of one share and one two-year warrant, entitling the holder to purchase an additional share at 10 cents in the first year and at 15 cents if purchased in the second year. This debt settlement is subject to TSX approval, and the company will continue to work with its creditors to reduce its debt.
|