Silver Peak Industries Ltd. signed a purchase and sale agreement to acquire Antler Hill Oil & Gas Ltd. (TSXV:AHO.H) in a reverse merger transaction on February 12, 2014. Under the terms of the agreement, Antler Hill Oil & Gas will acquire certain gas reserves, lands, leases and miscellaneous interests held by Silver Peak Industries for an aggregate purchase price of CAD 0.7 million payable as follows - CAD 0.15 million upon closing; CAD 0.2 million via the issuance upon closing of 2 million common shares of Antler Hill Oil & Gas at a deemed issue price of CAD 0.10 per common share; and CAD 0.35 million in the form of a gross overriding royalty on the monthly sales revenue generated from the sale of electricity generated from the production of natural gas from the suspended Well being acquired as part of the deal, to a maximum of CAD 0.05 million per year and a cumulative total of CAD 0.35 million. Prior to and in connection with the transaction, Antler Hill Oil & Gas expects to complete a non-brokered private placement financing for minimum gross proceeds of CAD 1.2 million. Proceeds from the offering will be used, among other things, for funding the cash portion of the transaction. The purchase will serve as a qualifying transaction for Antler Hill Oil & Gas.

The current management and directors of the Antler Hill will remain on completion of the transaction and one additional Director and officer will be appointed. After the closing, Mr. Dwayne Tyrkalo, President of Silver Peak Industries Ltd., will be appointed Vice President, Chief Operating Officer and a director of the surviving public company. Common shares of Antler Hill will be halted pending receipt by the exchange of certain required materials from Antler Hill. The transaction is subject to certain due diligence investigations, consummation of private placement, regulatory approvals and approvals from the shareholders. As on June 18, 2014, the closing date for the transaction was amended to August 31, 2014.

Antler Hill Oil &Gas Ltd. executed an Amending Agreement to the original Asset Purchase Agreement dated February 12, 2014. Pursuant to the terms of the Agreement, the outside closing date for the Qualifying Transaction has been amended to December 31, 2014. Antler Hill Oil &Gas Ltd. has advanced a CAD 12,500 non-refundable deposit, which will be applied against the cash portion of the purchase price. The Agreement also provides Silver Peak Industries Ltd with an option to further extend the closing date to March 31, 2015 in return for an additional non-refundable deposit of CAD 12,500.