Posted: Thursday, January 29, 2015 3:51 pm
According to a press release issued by Mooncor Oil & Gas Corp. earlier today, the company has completed the purchase of 320 sections of oil and gas leases in Pondera and Teton Counties in Montana. While the release does not mention the name, it is believed that Mooncor has acquired the leases of Primary Petroleum, based on company filings and reports on financial websites.
The Mooncor release reads:
TORONTO, ONTARIO — Mooncor Oil & Gas Corp. (“Mooncor”) (MOO) announced today that its wholly owned subsidiary, Mooncor Energy Inc. (“MEI”), has completed the acquisition (indirectly through the acquisition of a Montana incorporated company) of oil and gas leases and related data over approximately 320 sections (net acres of 219,000) in the Pondera and Teton Counties in Northwestern Montana USA (the “Property”). Mooncor and the sole shareholder of the vendor of the shares of the Montana company acquired share a common director, however the acquisition is not a “related party transaction” as defined under Multilateral Instrument 61-101. The acquisition was previously disclosed on August 14, 2014 and October 16, 2014. MEI will pay the vendor a 1% gross overriding royalty and assume its working interest share of the reclamation costs relating to the previous drilled wells and the ongoing lease payments on the Property. Further details of the Property are disclosed in the August 14, 2014 news release.
In addition, Mooncor provides a further update on its February 16, 2012 news release on the closing of its previously announced disposition (the “Transaction”) by MEI of an interest in two oil leases spanning 80 acres located in Lloydminster, Alberta to Madeira Minerals Ltd. (“Madeira”) (nex: MDE. H). MEI and Madeira have entered into a letter of commitment and amended and restated purchase agreement to affirm the parties’ intentions regarding the Transaction, and to recognize improvements made on the property by MEI since the Transaction was first announced. A major work-over of Well 3-28 and minor work-over of Well 4-28 were completed in 2012, in addition to required environmental remediation work. Madeira is a capital pool company and the Transaction is intended to constitute Madeira’s “qualifying transaction” under Policy 2.4 of the TSX Venture Exchange (the “Exchange”). Completion of the Transaction still remains subject to approval of the Exchange, completion by Madeira of a concurrent private placement for aggregate gross proceeds of $1.2 million, and compliance by Madeira with the policies of the Exchange related to completion of a qualifying transaction.
Mooncor Oil & Gas Corp. is a junior oil and gas exploration company. Mooncor holds interests in lands in the Muskwa/Duvernay liquids rich shale gas area in Hamburg, Alberta, and in southwest Ontario where the focus has been on conventional oil and gas opportunities.