An Alberta based oil and gas exploration and production company signed a letter of intent to acquire oil and natural gas properties in Western Canada from Quattro Exploration and Production Ltd. (TSXV:QXP) for CAD 24.3 million on August 2, 2016. The aggregate purchase price includes cash payments totaling CAD 8 million, the issuance of CAD 4 million class A common shares at a price of CAD 0.5 per common share and the assumption of estimated decommissioning liabilities totaling CAD 12.25 million. The transaction is subject to a number of customary conditions including, but not limited to, completion of due diligence and approval of the TSX Venture Exchange. All conditions for closing of the purchase of the properties are anticipated to be completed on or about October 15, 2016. Quattro intends to apply the proceeds from the sale to a combination of liabilities including trade payables, and a reduction in the term debt owing, with the balance of the proceeds materially improving Quattro's working capital and ability to continue to invest in its continuing operations in western Canada. Durham Capital Corporation acted as financial advisor and NRG acted as broker to Quattro. An Alberta based oil and gas exploration and production company cancelled the letter of intent to acquire oil and natural gas properties in Western Canada from Quattro Exploration and Production Ltd. (TSXV:QXP) on August 2, 2017.