As previously announced, the Corporation and NCT entered into the Letter Agreement whereby the Corporation intends to acquire all of the issued and outstanding securities of NCT in exchange for 11,625,000 common shares in the capital of the Corporation at a deemed price of US$0.80 per share and the issuance of 4,375,000 special warrants of the Corporation. NCT is formed under the laws of Spain with offices in Caracas, Venezuela and Bogota, Colombia and operations in Colombia, Mexico and Texas, USA. NCT has existing oil production of approximately 216 barrels per day and gas production of approximately 206 boe per day (including interests to be acquired by NCT pursuant to ongoing transactions).
References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
The Corporation is a Calgary-based junior oil and gas company, which explores for, develops, produces and sells crude oil, natural gas liquids and natural gas in Western Canada. The Corporation's common shares trade on the TSX Venture Exchange under the symbol SRN.
Most Popular Articles
From the Career Center
Jobs that may interest you