Pointbreak Resources Inc. entered into a definitive agreement to acquire certain assets at Mannville in Eastern Alberta from Perpetual Energy Inc. (TSX:PMT) for CAD 35.8 million on October 17, 2023. As reported, Perpetual Energy Inc will sell certain assets at Mannville in Eastern Alberta for gross proceeds of CAD 35.8 million in cash, prior to customary purchase price adjustments. The properties included in the transaction comprise substantially all of the production attributed to Perpetual Energy's Eastern Alberta cash-generating-unit which averaged 1,449 boe/d (65% conventional heavy oil) of sales production during the second quarter of 2023. The transaction is expected to close on or about November 22, 2023. Proceeds from the transaction will be used to reduce bank debt and manage future maturities on Perpetual Energy's Term Loan and Senior Notes and other obligations as they come due, as well as provide Perpetual with the liquidity to invest in its remaining assets at East Edson and pursue other new venture opportunities.

Pointbreak Resources Inc. completed the acquisition of certain assets at Mannville in Eastern Alberta from Perpetual Energy Inc. (TSX:PMT) on November 22, 2023.