Underground Energy Corporation cancelled the acquisition of additional 16.7% of Zaca Field and 13.3% of Buttonwillow and 8.17% of Burrel and 5.3% of Devils Den.
Underground will increase its working interest at the Zaca Field from 80% to 96.7%, its working interest at Buttonwillow from 80% to 93.3%, its working interest at Burrel from 80% to 88.167%, and its working interest at Devil's Den from 92.9% to 98.2%. Through the acquisition, Underground will also acquire minority interests in small additional prospects in the San Joaquin Basin, California.
The transaction is subject to customary terms and conditions, including approval of the TSX Venture Exchange and is expected to close on or before July 15, 2012. The acquisition will be accretive for Underground Energy.
Underground Energy Corporation (TSXV:UGE) cancelled the acquisition of additional 16.7% of Zaca Field and 13.3% of Buttonwillow and 8.17% of Burrel and 5.3% of Devils Den on May 31, 2013.