Leucrotta Exploration Inc. Announces Closing of Acquisition
CALGARY, ALBERTA--(Marketwired - May 17, 2017) -
THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES, FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW
Leucrotta Exploration Inc. ("Leucrotta" or the "Company") (TSX VENTURE:LXE) is pleased to announce that, further to its press release dated April 5, 2017 wherein the Company announced that it had agreed to acquire 18.5 net sections of undeveloped land (the "Lands") located within the Corporation's core area encompassing 116 gross (105 net) sections of the Lower Montney Turbidite Light Oil Resource Play pursuant to a purchase and sale agreement and a land swap agreement for aggregate cash consideration of $36 million (subject to certain customary purchase price adjustments) with respect to the majority of the Lands (the "Land Acquisition") and the swap of certain non-core sections of the Corporation's lands located in Two Rivers area of British Columbia with respect to the balance of the Lands, the Company has closed the Land Acquisition. For further details please see Leucrotta's press release dated April 5, 2017 and its short form prospectus dated April 19, 2017, both of which are available under Leucrotta's System for Electronic Document Analysis and Retrieval (SEDAR) profile at www.sedar.com.
ABOUT LEUCROTTA EXPLORATION INC.
Leucrotta Exploration Inc. is a Montney focused producer with lands located in the Doe/Mica area in northeast British Columbia. Leucrotta's current acreage in the area is approximately 100,500 gross (90,200 net) acres or approximately 157 gross (141 net) sections of Montney land. Current production is approximately 2,700 boe/d (25% oil & NGLs). Leucrotta's shares are listed on the TSX Venture Exchange under the symbol "LXE".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.