Emerald Bay Energy Inc. (TSXV:EBY) agreed to acquire Texas assets from Advantagewon Oil Corporation (CNSX:AOC) for $0.35 million on February 3, 2020. The consideration will be paid via a cash payment of $0.05 million, Emerald Bay common shares representing in aggregate $300,000. The Emerald Bay shares issued to Advantagewon will be held in escrow by Emerald Bay until December 31, 2020. On or before December 31, 2020, Emerald Bay (or its designee) may acquire Emerald Bay shares for an aggregate $0.3 million. Should Emerald Bay elect not to acquire Emerald Bay shares (or should the TSX Venture Exchange not approve the issuance of the Emerald Bay shares to Advantagewon), then the Emerald Bay shares will be returned to Emerald Bay'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 Advantagewon as a 5% overriding royalty interest on all the acquired leases with a net revenue interest of 75% or greater; a 2% overriding royalty interest on all the acquired leases with a net revenue interest of 72% up to, but not including, the acquired leases with a net revenue interest of 75%. The overriding royalty interest shall be in place until such time as Advantagewon has received an aggregate $0.4 million at which point the royalty interest shall be terminated. The issuance of shares is subject to approval from the TSX Venture Exchange.

Emerald Bay Energy Inc. (TSXV:EBY) completed the acquisition of Texas assets from Advantagewon Oil Corporation (CNSX:AOC) on March 24, 2020. TSX Venture Exchange has approved the transaction.