Calgary, Alberta-based Catch Resources Inc. has reached an agreement to purchase all of the issued and outstanding shares and properties of Ellisboro Energy Ltd. for a purchase price of $3.5-million Cdn. The transaction is expected to close in January 2014.
In conjunction with the acquisition, Catch Resources will make a $1-million Cdn flow-through offering at $0.25 per share, to close on or before Dec. 29, 2013.
Catch Resources was formed in August 2011 as a private corporation focusing on the acquisition of producing and distressed assets within the junior oil and gas industry. Ellisboro Energy is a privately owned Canadian oil and gas exploration company with an experienced exploration team and two exciting prospects in central Alberta.
“The purchase of Ellisboro Energy brings with it an experienced exploration team that is respected industry-wide. The synergies between our two teams is simply too hard to pass up,” said Catch Resources CEO Dale Galbraith.
“We are very excited about John Garden drilling our first Mannville oil well in Castor in the New Year.”
Garden, P.Eng, is president and CEO of Ellisboro Energy, and has more than 35 years of operations and engineering experience. He has managed engineering operations as founder and principal of Deadeye Engineering Inc. in Canada, Ukraine, and Albania.