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Falcon Oil & Gas Ltd Completes Acquisition Of Sweetpea's 24% Minority Interest In Falcon Oil & Gas Australia Ltd

Thursday, 18 Jul 2013 02:00am EDT 

Falcon Oil & Gas Ltd announced that it has now completed the acquisition of Sweetpea Petroleum Pty Ltd's (Sweetpea) 50 million shares or 24.22% interest in Falcon Oil & Gas Australia Limited (FOGA) (the Share Purchase). FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern Territory, Australia. Following the completion of the Share Purchase, Falcon owns 200 million shares in FOGA representing 96.90% of the issued share capital of FOGA. The terms of the Agreement, as announced on the 24th May, 2013, included a cash consideration of USD3 million together with the issue of 97.86 million Falcon shares (New Falcon Shares) to Sweetpea. Based on Falcon's share price at the time the Share Purchase was agreed between the parties of CAD 0.20, the total value of the consideration is CAD 22.6 million. Sweetpea, a wholly-owned subsidiary of PetroHunter Energy Corporation, now owns 10.7% of the issued share capital of Falcon. 

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0.0050 +2.86%
3:59pm EDT