Shaker Sells Canadian Assets to Subsidiary

Shaker Resources has agreed to sell oil and natural gas properties for $1.48 million to its 88% owned subsidiary, Petroflow Energy Ltd., subject to regulatory approval. Petroflow will use available cash to fund the acquisition.

Petroflow has agreed to buy a 20% working interest in Shaker's Westlock property in Central Alberta consisting of land, seismic and two productive wells. Petroflow is purchasing current production of approximately 18 barrels of oil equivalent ("boe") per day. Further, the transaction includes Shaker's seismic and over 1,300 net acres of undeveloped land in the Boundary Lake area in Northern Alberta. The Boundary Lake asset consists solely of undeveloped land and seismic. It is estimated that the proven plus probable reserves of Westlock purchased by Petroflow total 178,000 boe.
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