ACCESS Newswire
25 Mar 2020, 00:35 GMT+10
CALGARY, AB, and SAN ANTONIO, TX / ACCESSWIRE / March 24, 2020 / Nexera Energy Inc. (TSX Venture:NGY) (formerly Emerald Bay Energy Inc. (TSX Venture: EBY)) (the 'Corporation', the 'Company' or 'Nexera') today announced that the TSX Venture Exchange has provided final approval of the purchase agreement dated Feb. 3, 2020, between the Company and Advantagewon Oil Corp ('AOC'). Under the agreement, Nexera acquired assets comprising 30 oil and gas leases in South Texas. The total amount of consideration paid to the AOC for the assets is as follows:
(i) total cash payments of $50,000 (U.S.) and;
(ii) 2,601,800 common shares of Nexera (the 'NGY Shares') at the post consolidation deemed price of 15 cents per common share, representing in aggregate USD$300,000.
The NGY Shares issued to AOC will be held in escrow by Nexera until December 31, 2020. On or before December 31, 2020, Nexera (or its designee) may acquire the 2,601,800 NGY Shares for an aggregate USD$300,000. Should Nexera elect not to acquire the NGY Shares, then the NGY Shares will be returned to Nexera's treasury and the balance of the purchase price for the assets will be paid via an overriding royalty interest on the Acquired Leases being granted to AOC as follows:
Shelby Beattie, President and CEO of the Company commented: 'Although we are all in uncertain times, we are confident that the addition of these assets will assist the Company in maintaining and even growing operations in the weeks and months ahead. We are able to affordably maintain operations as we have our own service rigs and equipment through our subsidiary Production Resources Inc., and we have favorable contracts in place whereby we receive the WTI price plus bonuses for all of our oil production. We add our prayers to yours as we all move forward with the resolve to overcome the Covid-19 crisis.'
About Nexera Energy Inc.
Nexera Energy Inc. (TSX Venture: NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Nash Creek Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
For further information, please contact:
Nexera Energy Inc. President, Shelby D. Beattie, by telephone at (403) 262-6000
Email: [email protected]
www.nexeraenergy.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release includes statements that may constitute 'forward-looking' statements, usually containing the words 'believe,' 'estimate,' 'project,' 'expect', 'plan', 'intend', 'anticipates', 'projects', 'potential' or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements are statements that are not historical facts.
Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a well is actually developed. BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Emerald Bay at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Emerald Bay that actual results achieved will be the same in whole or part as those indicated in the forward-looking statements. Forward-looking statements in this document include statements regarding the Company's exploration, drilling and development plans, the Company's expectations regarding the timing and success of such programs. In particular, forward-looking information in this news release includes, but is not limited to, statements with respect to: pipeline acquisitions and leasing; pipeline permits, pipeline construction, production estimates, drilling operations, completion operations, funding and development goals. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the applicable securities regulators.
Nexera Energy, Advantagewon Oil property agreement
2020-03-19 20:34 ET - Property Agreement
TSX Venture Exchange has accepted for filing documentation a purchase agreement dated Feb. 3, 2020, between the company and Advantagewon Oil Corp. Under the agreement, the company has decided to acquire a variety of assets mainly comprising 30 oil and gas leases. The total amount of consideration to be paid to the vendor for the assets is as follows: (i) total cash payments of $50,000 (U.S.) and 2,601,800 common shares at a deemed price of 15 cents per common share on a postconsolidation basis. The share consideration will be subject to escrow by the company until Dec. 31, 2020.
At any time prior to Dec. 31, 2020, the company will have the option to purchase the share consideration for $300,000 (U.S.) in further cash payments. As per the agreement, should the company not acquire the share consideration, the assets purchased will be subject to the following:
The overriding royalty interest may be terminated if the vendor receives an aggregate of $400,000 (U.S.). The vendor involved in this transaction is considered an arm's-length party to the company.
For further details, please see the company's news release dated Feb. 3, 2020
SOURCE: Nexera Energy Inc.
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