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Point Loma says exchange accepts for filing papers related to C$1.56M oil and gas company deal

The June deal’s purchase price has been paid in the form of 5.192 million common shares, according to Point Loma
A container with oil
Point Loma estimated acquired production at 130 barrels of oil equivalent per day

Point Loma Resources Ltd (CVE:PLX) (OTCMKTS:FMTNF) said that the TSX Venture Exchange accepted for filing documents related to a C$1.56 million stock purchase of a private oil and gas company.

The Calgary-based company said in a press release Tuesday that it’s acquiring the issued shares of the private company, which has assets in east-central Alberta. The June deal’s purchase price has been paid in the form of 5.192 million common shares, according to Point Loma.

READ: Point Loma Resources has big potential for a small oiler, reckons broker Mackie

The acquired production was about 130 barrels of oil equivalent per day, made up of about 30% oil and natural gas liquids, Point Loma said in a June press release. The company estimated the acquisition’s working capital at C$310,000.

“This acquisition increases Point Loma’s production and strengthens our balance sheet,” CEO Terry Meek said in a June press release.

Shares of Point Loma climbed C$0.01 to C$0.20 in Tuesday’s Canadian trading. They slipped US$0.01 to US$0.15 on the OTC Markets.

Earlier this month, Toronto-based Mackie Research Capital Corp repeated a Buy recommendation of Point Loma.

 

Contact Dennis Fitzgerald at [email protected]

 

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