Barrel Oil Corp. entered into a stalking horse agreement to acquire all of the oil and natural gas assets of Traverse Energy Ltd. for CAD 3.3 million on February 5, 2020. A potential bidder will be deemed a “Qualified Bidder” if such potential bidder submits a non-binding letter of intent on or before 5:00 pm on March 26, 2020. If a superior offer is received, then an auction will be conducted. If the successful bidder is a party other than the stalking horse purchaser, Traverse Energy shall pay the a break fee equal to three percent (3.0%) of the stalking horse purchase price. The transaction is subject to Alberta Energy Regulator. The transaction received bankruptcy court approval on February 14, 2020. The transaction is expected to close on or before Aril 3, 2020. Ernst & Young Inc. acted as receiver for Traverse Energy. Tom Pavic of Sayer Energy Advisors acted as financial advisor for Traverse Energy. Sean Collins of McCarthy Tétrault LLP acted as legal advisor for Ernst & Young. Barrel Oil Corp. completed the acquisition of all of the oil and natural gas assets of Traverse Energy Ltd. on Aril 24, 2020.