Crew Energy Inc. (TSX:CR) agreed to acquire third tranche of Montney acreage from Terra Energy Corp. (TSX:TT) for CAD 36 million on June 4, 2013. Crew has the option, 10 days prior to closing, to elect to pay all cash or pay a minimum of CAD 10 million cash with the balance of the consideration payable in common shares of Crew. The completion of the acquisition is subject to satisfaction of customary conditions and is expected to close on or before July 9, 2013. Terra Energy plans to use the proceeds from the sale to further reduce its debt.

Crew Energy Inc. (TSX:CR) completed the acquisition of third tranche of Montney acreage from Terra Energy Corp. (TSX:TT) for CAD 35.2 million on July 9, 2013.