Zeg Oil and Gas Ltd entered into an arrangement agreement to acquire remaining 17.5% stake in Forza Petroleum Limited (TSX:FORZ) for CAD 18.4 million on December 10, 2023. Zeg Oil and Gas will acquire remaining stake at a purchase price of CAD 0.15 per Common Share in cash. Zeg Oil and their affiliates, together with joint actors, control, directly or indirectly, 500,431,626 Common Shares, representing approximately 82.5% of the issued and outstanding Common Shares.

Closing of the arrangement is subject to customary conditions, including, among others, receipt of court approvals; the approval of the Arrangement by a ?majority of the minority? vote; exercised Dissent Rights. A special committee of independent directors was established by the Board of Directors of Forza. The Special Committee unanimously determined and recommended that the Arrangement is fair to the Minority Shareholders and is in the best interests of the Corporation and that the Arrangement Agreement be approved by the Board. A special meeting of securityholders of Forza Petroleum will be held on February 12, 2024 at 4:00 p.m. (Central European Time). The transaction is expected to close during the first quarter of 2024. Cormark Securities Inc. acted as fairness opinion provider to Special Committee of Forza and will be paid a fee of CAD 0.401475 million. Cormark Securities has engaged Stikeman Elliott LLP as legal counsel to support their mandate. Taisha Lewis and Krisztian Toth of Fasken Martineau DuMoulin LLP acted as legal advisors to Forza and the special committee has engaged Stewart McKelvey as legal counsel. Markus Viirland and Richard Turner of Blake, Cassels & Graydon LLP is legal counsels to Zeg Oil. Computershare Trust Company of Canada acted as transfer agent to Forza.