Salt Bush Energy Ltd. entered into a purchase and sale agreement to acquire remaining 50% stake in working interest in Wizard Lake Rex Well in Alberta from Point Loma Resources Ltd. (TSXV:PLX) on December 16, 2019. Salt Bush will pay the consideration of in the form of CAD 4 million in cash, CAD 2 million in stock of WhiteBark Energy Limited, parent of Salt Bush, the reduction of outstanding payout amounts of approximately CAD 0.8 million and the transfer from Salt Bush to Point Loma of approximately 240 boepd (based on Q3 producing rates) of its current working interests in various other joint properties in Alberta. The cash consideration will be funded by placing CAD 4 million. The transaction is scheduled to be completed over three closings. Pursuant to the agreement, Point Loma will receive CAD 1.2 million of the cash consideration on completion of the first closing, anticipated in late-December 2019, with the balance of CAD 2.8 million on the second closing, which is anticipated prior to March 31, 2020. The share consideration in connection will be CAD 2.0 million issued on completion of the second closing with CAD 1 million held in escrow for 4 months and another CAD 1 million released upon final closing, on or about December 31, 2020, subject to receipt of regulatory approvals. Additionally, Point Loma retains a 10% working interest in certain Wizard Lake area assets until December 31, 2020, which is expected to provide the corporation with additional revenues through 2020. The transaction is subject to a financing by White Bark, shareholder approval and receipt of regulatory approvals. Salt Bush will acquire the remaining 40% stake prior to March 31, 2020. The funds from the transaction will be utilized to commence a multi-stage corporate turnaround plan. Mackie Research Capital Corporation acted as the financial advisor to Point Loma Resources. Salt Bush Energy Ltd. completed the acquisition of an additional 10% stake in working interest in Wizard Lake Rex Well in Alberta from Point Loma Resources Ltd. (TSXV:PLX) on December 23, 2019. As part of the deal, WBE assigned its 20-30% ownership in the remaining Point Loma Joint Venture assets to PLX. The closing of stage 2 was subject to the arranging appropriate financing with a target date of March 31, 2019. Due to the rapid decline in global economic conditions, particularly the recent decline in oil prices, the financing has not been achieved. Accordingly, Salt Bush Energy has served notice to terminate the definitive agreement to acquire remaining 40% interest in Wizard Lake Rex Well in Alberta after stage 1 and will remain with a 60% interest and operatorship of the field.