RE:RE:RE:RE:Leucrotta is halted.. CALGARY, Alberta, March 15, 2021 (GLOBE NEWSWIRE) -- Leucrotta Exploration Inc. ("Leucrotta" or the "Company") (TSXV - LXE) is pleased to announce that it has entered into an agreement with a syndicate of underwriters for a $20.0 million bought deal financing (the "Financing") by way of a short form prospectus offering. The Company will be conducting a concurrent non-brokered private placement of $2.0 million flow-through units of the Company. The Company has also entered into a definitive agreement with an Alberta based publicly traded oil and gas company in connection with disposition of its non-strategic lands (the "Asset Sale") comprising 5% of Leucrotta's Montney land base for an aggregate consideration of $30.0 million. The Company intends to use a portion of the combined proceeds from the Financing and the Asset Sale to advance the initiation of a Pad Development program in the High GOR (gas to oil ratio) Light Oil Window of the Lower Montney at Mica (the "Mica Project"). The acceleration of the Mica Project will transform Leucrotta into a high-growth pure play Montney entity with one of the largest contiguous positions in the Montney light oil window. The funding and expected debt capacity on successful drilling of the Mica Project is expected to create cash flow sustainability, and management estimates that the Mica Project could increase Leucrotta's production to 15,000 - 20,000 boepd within three years.
TouchDown12 wrote: Thanks TGC.... always appriciate your thoughts and take. Continued success and prosperty on your E & P investments... including Crew. TD12