American Patriot Oil & Gas Limited (ASX:AOW) entered into an agreement to acquire assets of Burnett Petroleum Company and Magnolia Petroleum Company, LLC for $3.2 million on July 24, 2018. In a separate transaction, American Patriot Oil & Gas Limited entered into an agreement to acquire Foothills Resources Inc for $15 million. To finance the transaction, American Patriot has received a non-binding term sheet from White Oak Global Advisers LLC, for a $17 million debt facility. The total transaction size of $20.5 million (which also includes an additional payment for the acquisition of assets announced in November 2017) will be funded via the debt facility and an AUD 7 million ($5.2 million) equity raise which includes AUD 4 million ($3 million) placement and a AUD 3 million ($2.2 million) rights issue fully underwritten by Capital Investment Partners. The transaction is expected to close in 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. American Patriot Oil & Gas Limited (ASX:AOW) completed the acquisition of acquire assets of Burnett Petroleum Company and Magnolia Petroleum Company, LLC on October 15, 2018.