Australis Oil & Gas Limited (ASX:ATS) entered into an agreement to acquire 50% working interest in 33,000 net acres in Tuscaloosa Marine Shale from Paloma Partners IV, LLC for $16 million on December 8, 2015. Under the terms of the deal $1 million is to be paid as a deposit within 7 days after the Execution Date, $6 million is to be paid to the Escrow Agent at the first closing, which amount was then subsequently delivered to Paloma at the second closing and $9 million paid directly to Paloma at the second closing. The deal was funded through AUD 24.2 million ($17.9 million) private placement in November 2015 and AUD 10.1 million ($7.5 million) private placement in May 2016. The first closing too place on January 22, 2016. The conversions were made using www.oanda.com on June 29, 2016. Australis Oil & Gas Limited (ASX:ATS) completed acquisition of 50% working interest in 33,000 net acres in Tuscaloosa Marine Shale on May 18, 2016.