RKSmith Energy Corp. entered into an agreement to acquire Chigwell properties from Butte Energy Inc. (TSXV:BEN.H) for CAD 0.04 million on June 30, 2017. The closing of the transaction is contingent upon customary closing conditions, including Butte Energy obtaining the applicable regulatory approvals and approval by Butte Energy’s shareholders. As of August 1, 2017, Butte Energy's shareholders approved the transaction. Butte Energy intends to use the proceeds from the transaction for the settlement of obligations and after the payment of its liabilities, Butte Energy anticipates that there will be no residual for a distribution to shareholders.