Zeg Oil and Gas Ltd entered into an agreement to acquire 67% stake in Oryx Petroleum Corporation Limited (TSX:OXC) from AOG Upstream BV and certain of its affiliates for $16.4 million on June 22, 2020. Zeg Oil and Gas will acquire an aggregate of 380.5 million common shares of Oryx Petroleum Corporation for approximately $0.043 per share. Zeg Oil and Gas already owns 119.63 million shares, representing approximately 22% of the issued and outstanding shares, of Oryx Petroleum Corporation. As a result of the transactions, certain shares of Oryx Petroleum Corporation that are currently unvested under the issuer’s long term incentive plan will vest, including 10.25 million LTIP Shares that will be issued to one of the vendors. These shares will be included in and form part of the acquired shares. Concurrent with the close of transaction, Zeg Oil and Gas will purchase from AOG Upstream 39.28 million warrants at exercise prices ranging from $0.2094 to $0.1633 per share, for an aggregate purchase price of approximately $4,000. Immediately following the closing of the transactions, including the vesting of the LTIP shares, Zeg Oil and Gas will own 500.2 million shares, representing approximately 89% of the then issued outstanding shares and AOG and its affiliates will not own any shares or securities convertible into shares of Oryx Petroleum Corporation. Upon closing, Jean Claude Gandur will resign from the Board of Directors of, and all other positions he holds with, Oryx Petroleum Corporation and its subsidiaries. The transaction is subject to customary closing conditions and the loan settlement transaction. The deal is expected to close early in the third quarter of 2020.