American Patriot Oil & Gas Limited (ASX:AOW) signed a purchase and sale agreement to acquire assets in Harris, Liberty and Hardin Counties, Texas from Foothills Resources, Inc. for $15 million on July 24, 2018. In a related transaction, American Patriot Oil & Gas Limited signed purchase and sale agreement to acquire Magnolia/Burnett assets from Magnolia Petroleum Company and Burnett Petroleum LLC for $3.2 million on July 24, 2018. The consideration will be funded via the debt facility of $17 million from White Oak Global Advisers LLC and an AUD 7 million (approximate conversion $5 million) equity raise which includes a AUD 4 million ($2.95 million) placement of 160 million new share and a AUD 3 million ($2.2 million) rights issue fully underwritten by Capital Investment Partners (CIP), an existing major shareholder of American Patriot Oil. The acquisition comes with an existing operational team which will be transitioning across to American Patriot who will become the operator. The transaction is expected to close in August 2018. As of August 3, 2018, the transaction is expected to close in late August 2018. The projected cash flows from the new assets, based on current oil prices, will result in the debt facility being fully paid back in less than four years. EBITDA is estimated to increase to $12 million for 2019 for American Patriot Oil & Gas. American Patriot Oil & Gas Limited (ASX:AOW) cancelled the acquisition of assets in Harris, Liberty and Hardin Counties, Texas from Foothills Resources, Inc. on May 22, 2019. Under the term of agreement, AOW has been actively seeking financing arrangements to fund the Foothills acquisition and the board has not been able to obtain finance on commercial terms which are acceptable to the board and as such the Foothills acquisition has not completed. American Patriot Oil & Gas Limited will forfeit the approximately $1 million deposit it advanced pursuant to the terms of the acquisition agreement.