2010-03-10-2009-12-21-2010-01-14

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
8MM
Description

Acquired assets in AB, SK, gaining 130 BOE/d.

TriOil Resources Ltd. has closed its acquisition of assets in Alberta and Saskatchewan from Second Wave Petroleum Inc., Calgary, (Toronto Venture: SCS) for C$7.55 million in cash and stock.

TriOil paid C$5.43 million in cash and issued 2.12 million shares at C$1 per share for the Coronation and South Tableland assets, which consist of approximately 130 barrels of oil equivalent per day of production and include associated gathering systems, batteries and compression facilities.

As part of the deal, TriOil will farm-in on Second Wave's North Tableland (Saskatchewan) and Milo (Alberta) acreage, which are light oil-focused exploration properties that will continue to be operated by Second Wave.

Second Wave says the transactions allow it to focus on its core areas and accelerate its drilling program on its emerging Judy Creek Pekisko oil play.

In addition, One Exploration Inc. has closed its acquisition of TriOil in a planned recapitalization agreement. As a result, the 2.12 million TriOil shares issued to Second Wave as part of the purchase price were exchanged for approximately 12.5 million Class A shares, or 10.91%, of One Exploration.