Falcon Oil & Gas Completes Acquisition of Sweetpea’s 24% Minority Interest in Subsidiary Falcon Oil & Gas Australia Limited

Falcon Oil & Gas Ltd. (TSXV:FO) has completed the acquisition of Sweetpea Petroleum Pty Ltd’s 50 million shares (or 24.22% interest) of Falcon Oil & Gas Australia Limited (FOGA). FOGA is a subsidiary of Falcon and holds  four registered exploration permits in the Beetaloo Basin, Northern Territory, Australia. Following the completion of the Share Purchase, Falcon owns 200 million shares in FOGA representing 96.90% of the issued share capital of FOGA.

As quoted in the press release:

The terms of the Agreement, as announced on the 24^th May, 2013, included a cash consideration of US$3 million together with the issue of 97.86 million Falcon shares (“New Falcon Shares”) to Sweetpea. Based on Falcon’s share price at the time the Share Purchase was agreed between the parties of CAD 0.20, the total value of the consideration is CAD 22.6 million. Sweetpea, a wholly-owned subsidiary of PetroHunter Energy Corporation, now owns 10.7% of the issued share capital of Falcon.

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