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.
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]