Wellstar Energy to Acquire 39.2925-percent Stake in Oil Project

Wellstar Energy Corp. (TSXV:WSE) announced that it’s signed a purchase and sale agreement to acquire a partner’s 39.2925-percent stake in its McTaggart, Saskatchewan oil project. It will also acquire additional lands and 2D seismic data.
As quoted in the press release:

Before adjustments, the purchase price for the acquisition is $90,900. The Company has deemed this to be an exempt transaction.
The acquisition interests at the McTaggart project includes two oil wells and facilities which include a salt water disposal well, a 5,000 barrel oil storage battery and a fresh water source well.

Andrew H. Rees, president and CEO of Wellstar, commented:

Management is extremely pleased to be able to sign the Purchase Agreement. The acquisition will provide the Company with an approximate 90% interest in its McTaggart facility, increasing revenues while reducing operating costs. This will allow for more flexibility and quicker action on future development opportunities and facility expansion plans necessary to accommodate additional development wells in the area.

Click here to read the full Wellstar Energy Corp. (TSXV:WSE) press release.