Manitok Announces $85 Million Joint Acquisition of Central Alberta Foothills Assets With Petrus Resources Ltd.

Manitok, jointly with Petrus Resources Ltd., entered into a purchase and sale agreement to acquire oil and natural gas assets in the central Alberta foothills area for total cash consideration of $85 million before closing adjustments and related costs.

As quoted in the press release:

Each company will participate with an equal 50% interest in the Assets. The current production associated with the Assets is approximately 2,600 boe/d and about 45% of the production is operated. Manitok will be the operator of record on the operated portion of the Assets. The effective date of the Acquisition is July 1, 2011.

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